By Jerry W. Markham
This finished monetary background of the USA specializes in the expansion and growth of banking, securities and assurance because the colonial interval. The ebook breaks down into sessions of frenzied hypothesis, quiet development, panics and livid growth.
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Additional info for A financial history of the United States (1900-1970)
Had become a joint-stock association under New York law, but then reverted to a partnership. It was still a commercial paper firm, but had expanded its business to include high-grade bonds. The firm became involved in the underwriting business in 1906. Its first underwriting was for the United Cigar Manufacturers, which later became the General Cigar Company. Goldman did not have the resources to conduct the United Cigar underwriting on its own, so Henry Goldman asked Philip Lehman at Lehman Brothers to assist.
It would merge with the Chase National Bank after the stock market crash of 1929. The restrictions imposed by New York and other states on insurance company investments shut off a large source of funds for Wall Street. In 1906, insurance companies held over 6 percent of their assets in stocks. That percentage dropped to 1 percent by 1922. The effects from those sales were not all bad for the financiers. The insurance companies sold their trust company stocks to the investment bankers that controlled many of the insurance companies.
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. As planned, this announcement stemmed the tide and kept the NYSE open. Another pool of funds was gathered, but it proved unnecessary. Only an additional $2 million was needed in call money funds. P. 47 Morgan sought more substantial relief in the form of inducements to bring 34 A NEW CENTURY more gold into the United States.
A financial history of the United States (1900-1970) by Jerry W. Markham