By Jerry W Markham
This accomplished monetary historical past of the us 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 enlargement.
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Additional info for A Financial History of the United States (3-volume set)
By 1910, some 10,000 movie theaters were in operation in the United States. Other empires were growing. The Weyerhauser family owned some 60,000 square miles of timber at the turn of the century. , the Chicago department store, conducted $50 million in business in 1906. Marshall Field sold goods on credit but required cash at thirty and sixty days. Payments were required to be prompt. The oil industry continued its growth as new discoveries flowed. Oil would create a slew of millionaires who would vie for the title of being the richest man in the world.
Brokerage firm failures were exacerbated by the fact that the firms continued to conduct business even after they were insolvent. There was no requirement for examinations of the books and records of the brokerage firms. The Hughes Committee recommended that such examinations be conducted by the NYSE, rather than by a governmental body, because of the confidential nature of customer securities transactions. The Hughes Committee further recommended that the NYSE require financial reports for all of the securities listed on the exchange.
The shares of the Lincoln Trust Company and the Trust Company of America were placed under the control of a committee of trust company presidents, which called itself the Associated Trust Companies. This group loaned the Trust Company of America $25 million, and the Lincoln Trust Company was THE PANIC OF 1907 33 provided with $5 million in clearinghouse certificates. Morgan arranged a further $1 million loan for the Trust Company of America. Both of these trust companies would survive and repay their loans, but the panic continued.