Thirty Years of American Finance a Short Financial History of the Government An
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In our eReader you can find the full English version of the book. Read Thirty Years of American Finance a Short Financial History of the Government An Online - link to read the book on full screen. Our eReader also allows you to upload and read Pdf, Txt, ePub and fb2 books. In the Mini eReder on the page below you can quickly view all pages of the book - Read Book Thirty Years of American Finance a Short Financial History of the Government An
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158.
ioo American Finance [1884 and singly. But when it is considered that the per- formances of John C. Eno, Grant & Ward, the Marine Bank, and the Metropolitan Bank, all came to public knowledge within a single week and in the same community, the shock to financial confidence is not hard to understand.
It resulted on the Stock Exchange, during a day or two, in what can only be described as a delirium of panic ; prices of standard dividend-paying shares collapsing, from a level already very lo...w, fifteen to twenty per cent, in as many hours, while the rate for loans on call ran up as high as three per cent, a day. But the spasm was not continu- ous; the low level of security prices was touched within a very few weeks of the acute collapse. Even the sudden and very serious strain upon the money market was relieved by a contrivance virtu- ally introduced during the panic of 1873, whereby the Clearing-House issued to any bank in its mem- bership loan certificates, secured by the deposit of that bank's securities to a value greater by twenty- five per cent, than the certificates allotted, and receivable in lieu of cash in settlement of balances at the Clearing-House.
What to read after Thirty Years of American Finance a Short Financial History of the Government An?
You can find similar books in the "Read Also" column, or choose other free books by Noyes, Alexander Dana, 1862-1945 to read onlineMoreLess
To quickly assess the difficulty of the text, read a short excerpt:
158.
ioo American Finance [1884 and singly. But when it is considered that the per- formances of John C. Eno, Grant & Ward, the Marine Bank, and the Metropolitan Bank, all came to public knowledge within a single week and in the same community, the shock to financial confidence is not hard to understand.
It resulted on the Stock Exchange, during a day or two, in what can only be described as a delirium of panic ; prices of standard dividend-paying shares collapsing, from a level already very lo...w, fifteen to twenty per cent, in as many hours, while the rate for loans on call ran up as high as three per cent, a day. But the spasm was not continu- ous; the low level of security prices was touched within a very few weeks of the acute collapse. Even the sudden and very serious strain upon the money market was relieved by a contrivance virtu- ally introduced during the panic of 1873, whereby the Clearing-House issued to any bank in its mem- bership loan certificates, secured by the deposit of that bank's securities to a value greater by twenty- five per cent, than the certificates allotted, and receivable in lieu of cash in settlement of balances at the Clearing-House.
What to read after Thirty Years of American Finance a Short Financial History of the Government An?
You can find similar books in the "Read Also" column, or choose other free books by Noyes, Alexander Dana, 1862-1945 to read onlineMoreLess
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