A financial history of the United States (1900-1970) by Jerry W. Markham

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By Jerry W. Markham

This finished monetary heritage of the U.S. specializes in the expansion and growth of banking, securities and coverage because the colonial interval. The booklet breaks down into sessions of frenzied hypothesis, quiet progress, panics and livid growth.

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From there, Hughes would launch an investigation of the securities industry in 1909. He would later serve as the chief justice of the Supreme Court. The Armstrong Committee rendered a ten-volume report on the insurance industry that, among other things, reviewed the organization of life insurance companies, their investments, political contributions, lobbying, and use of rebates. The Armstrong Committee’s investi- INSURANCE, BANKING, AND UNDERWRITING 19 gation revealed a number of abuses by members of the insurance industry, including “parking” transactions that were designed to conceal losses on securities investments.

President Theodore Roosevelt was writing checks on the Astor Trust Company, including one to the American Express Company for $31. First Chicago National Bank, which had begun business on July 1, 1863, merged with the Union National Bank in 1900 and with the Metropolitan National Bank in 1902. It opened the First Trust and Savings Bank to serve retail customers in 1904. The Royal Trust Company in Chicago told subscribers to the Chicago Tribune that they should not be ashamed to open a savings account with a dollar.

Morgan locked the financiers in his library until they agreed to provide even more funds to stop the panic. Morgan told the trust company presidents that they had to raise $25 million. They finally agreed to this demand. “But for the powerful influence of Mr. P. Morgan it is probable that no united action would ever have been taken. ”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.

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