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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