By Jerry W Markham
This accomplished monetary background of the USA specializes in the expansion and growth of banking, securities and assurance because the colonial interval. The booklet breaks down into sessions of frenzied hypothesis, quiet progress, panics and livid enlargement.
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Additional resources for A Financial History of the United States (3-volume set)
Garfield, the son of the former president. The bureau concluded, however, that it did not have jurisdiction over businesses that were not operating in interstate commerce. This sharply circumscribed its role. Among the businesses that the bureau did investigate was Standard Oil. Although the bureau asserted that the face value of the securities (over $1 billion) issued to create the United States Steel Corporation was about half water, it had no power to do anything about such abuses. The bureau sought to adopt a federal charter requirement for corporations, but that effort was not successful.
A one-man Federal Reserve durprovide liquidity to the monetary sys- ing the Panic of 1907, Morgan often found tem. Still there was a money short- himself the subject of suspicion and criticism age. ” (Portrait by premium of as much as 4 percent for Adrian Lamb, courtesy of National Portrait Gallery, Smithsonian Institution. S. some two months after the panic. ) Some banks started printing scrip. San Francisco banks used clearinghouse scrip that was issued by the San Francisco Clearing House Association.
William Sherer, the manager of the New York Clearing House, agreed to support this effort. P. Morgan was given $3 million by George F. Baker of the First National Bank and James Stillman of the National City Bank. Some of these funds were drawn on the Rockefeller deposits at the National City Bank. 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.