By Jerry W Markham
This entire monetary historical past of the us makes a speciality of the expansion and growth of banking, securities and coverage because the colonial interval. The booklet breaks down into classes of frenzied hypothesis, quiet progress, panics and livid growth.
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Extra resources for A Financial History of the United States (3-volume set)
THE PANIC OF 1907 29 3 The Panic of 1907 The Dow Jones Industrial Average doubled between 1904 and 1906. Speculation mounted on Wall Street as stock prices soared. Jacob H. Schiff of Kuhn, Loeb & Co. advocated changes in the American monetary system. ” There were reasons for his concern as violent speculation began driving up prices. 38 At the end of 1905, call money rates were 25 percent and higher, rising to 60 percent in the following year. The Dow Jones Industrial Average reached 100 for the first time on January 12, 1906.
23 Brandeis’s concern would be given credence by events that were unfolding at the Equitable Life Insurance Company. The founder of that company, Henry B. Hyde, had died in 1891. He left the majority of the stock to his son James Hyde, who was then twenty-three. James was given to ostentatious displays of his wealth that marked him as a less than serious businessman. A debutante party given by Hyde for his niece at Sherry’s, a New York restaurant, was claimed to have cost $100,000. The extravagance of that affair engendered so much criticism that it encouraged a group of directors within the Equitable Life Insurance Company to seek Hyde’s removal from control of the Equitable.
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. These statements would include balance sheets, income and expense statements, and the committee thought that these statements should be made public. The Hughes Committee urged the NYSE to upgrade listing requirements and recommended that the NYSE’s unlisted trading department be abolished.
A Financial History of the United States (3-volume set) by Jerry W Markham