The Development of Banking in Illinois 1817 1863 volume V 2 No 4
The Development of Banking in Illinois 1817 1863 volume V 2 No 4
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147 The attempt to make Alton a great metropolis cost the bank nearly a million dollars and brought disaster to the city's legitimate business interests. 148 The connection of the bank with speculation in Illinois produce did not end here, for it came dangerously near to the point of speculating in lead and pork on its own account. In its eagerness to secure credit in the East the bank had united with some Galena mine owners in employing J. G. Lamb of Alton as their joint agent. According to th...e arrangement made with Mr. Lamb, these lead producers delivered their product to the Galena branch of the bank and were paid about three-fourths of its market value. The cashier then shipped the lead to Mr. Lamb, who in turn consigned it to Nevins, Townsend and Com- pany, the bank's New York correspondents. When the lead was sold in the New York market, Nevins, Townsend and Company placed the proceeds to the credit of the state 14 *Reports of Session (Senate), 1839-40, p. 277. 14 Ford, History of Illinois, 176.
What to read after The Development of Banking in Illinois 1817 1863 volume V 2 No 4?
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To quickly assess the difficulty of the text, read a short excerpt:
147 The attempt to make Alton a great metropolis cost the bank nearly a million dollars and brought disaster to the city's legitimate business interests. 148 The connection of the bank with speculation in Illinois produce did not end here, for it came dangerously near to the point of speculating in lead and pork on its own account. In its eagerness to secure credit in the East the bank had united with some Galena mine owners in employing J. G. Lamb of Alton as their joint agent. According to th...e arrangement made with Mr. Lamb, these lead producers delivered their product to the Galena branch of the bank and were paid about three-fourths of its market value. The cashier then shipped the lead to Mr. Lamb, who in turn consigned it to Nevins, Townsend and Com- pany, the bank's New York correspondents. When the lead was sold in the New York market, Nevins, Townsend and Company placed the proceeds to the credit of the state 14 *Reports of Session (Senate), 1839-40, p. 277. 14 Ford, History of Illinois, 176.
What to read after The Development of Banking in Illinois 1817 1863 volume V 2 No 4?
You can find similar books in the "Read Also" column, or choose other free books by George William Dowrie to read onlineMoreLess
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