By Jerry W. Markham
This accomplished monetary heritage of the U.S. specializes in the expansion and enlargement of banking, securities and coverage because the colonial interval. The publication breaks down into sessions of frenzied hypothesis, quiet progress, panics and livid growth.
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Additional info for A financial history of the United States (1900-1970)
46 Among other things, Morgan used the money gathered from the bankers as a fund for supplying call money on the floor of the NYSE, and it was also used to save the Lincoln Trust. John D. Rockefeller stated that he would give half of his securities if it would stop the Panic of 1907. Rockefeller appeared ready to abide by that pledge. P. Morgan put together to keep the stock market going. P. Morgan was arranging the delivery of these funds. Stillman had sought the honor for the National City Bank, but the other clearinghouse members thought that this would be too much of a free advertisement for the bank.
The committee did suggest an increase in the customary margins to a level of at least 20 percent. Another concern was the rehypothecation of customer securities for the broker’s own use without the customer’s consent. The Hughes Committee sought legislation that would make it a crime for a broker to receive securities or cash from a customer when the broker was insolvent or to sell customer securities after they had been paid for by the customer. The Hughes Committee found that branch offices of brokerage firms were being used to sell securities in a speculative manner.
Barney, who was assisting Frederick Heinze in trying to corner the stock of the United Copper Company. Barney shot himself after the Knickerbocker’s failure. P. Morgan to the Rescue The failure of the Knickerbocker Trust Company touched off the Panic of 1907, which was one of the worst panics in the history of the United States. Long lines formed outside of banks overnight as depositors sought to obtain funds. Many failures followed, including the National Bank of America. A run by depositors began on the Trust Company of America on October 23, 1907, and lasted for two weeks.
A financial history of the United States (1900-1970) by Jerry W. Markham