By Jerry W. Markham
This complete monetary heritage of the U.S. makes a speciality of the expansion and enlargement of banking, securities and coverage because the colonial interval. The e-book breaks down into classes of frenzied hypothesis, quiet development, panics and livid enlargement.
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Additional info for A financial history of the United States (1900-1970)
MLIC offered a twenty-year gold bond policy in 1896 that paid benefits in coupon bonds of the company. The bonds were redeemable in gold coin at the end of twenty years and paid 5 percent interest in gold. Another policy provided for benefits to be paid in the form of guaranteed, compound interest, gold bonds. The company annually credited to the policy 3 percent of all premiums previously paid. Those credits could be used to pay future premiums and were payable in gold coin. One insurance contract offered after the turn of the century was the yearly bond contract that paid a face amount of $20,000 and had a term of twenty years.
Because national banks were not allowed to open branch offices, the number of banks in the United States expanded into the thousands. Most of those banks were small in size, but the failure of even small banks could have serious effects, particularly in a money center such as New York. Chain banks were being established in states where branch banking was prohibited. These banks had their own charters but were all owned by one central group or company. Some of these chains would eventually control over 100 banks.
A “March Panic” in 1907 knocked $2 billion off stock market values. Union Pacific stock dropped $25 in a single day. That panic was curbed by the intervention of the Secretary of the Treasury, but problems continued. New York City tried to float a 4 percent bond issue in June of 1907 for $29 million. Only $2 million of that offering was subscribed for by potential purchasers. It failed because the 4 percent rate was too low. The market rallied when United States Steel Corporation announced the resumption of dividends in July of 1906.
A financial history of the United States (1900-1970) by Jerry W. Markham