Get A financial history of the United States (1900-1970) PDF

By Jerry W. Markham

ISBN-10: 0765607301

ISBN-13: 9780765607300

This finished monetary background of the U.S. makes a speciality of the expansion and enlargement of banking, securities and coverage because the colonial interval. The ebook breaks down into classes of frenzied hypothesis, quiet progress, panics and livid growth.

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Example text

The Hughes Committee urged the NYSE to upgrade listing requirements and recommended that the NYSE’s unlisted trading department be abolished. The committee made other recommendations that would presage the current federal securities laws. It thought that criminal liability should be imposed against persons making advertisements for securities that they knew to be false or for which they had no reasonable grounds for believing true. The Board of Trade in London had already opined that an official investigation should be made into the soundness, good faith, and prospects of companies.

The Armstrong Committee rendered a ten-volume report on the insurance industry that, among other things, reviewed the organization of life insurance companies, their investments, political contributions, lobbying, and use of rebates. The Armstrong Committee’s investi- INSURANCE, BANKING, AND UNDERWRITING 19 gation revealed a number of abuses by members of the insurance industry, including “parking” transactions that were designed to conceal losses on securities investments. P. Morgan & Co. at par on December 31, 1903, with an agreement to repurchase them immediately after the first of the year at the same price ($800,000).

Its first underwriting was for the United Cigar Manufacturers, which later became the General Cigar Company. Goldman did not have the resources to conduct the United Cigar underwriting on its own, so Henry Goldman asked Philip Lehman at Lehman Brothers to assist. Lehman Brothers was then dealing in investment securities, as well as commodity transactions on the cotton, coffee, and produce exchanges in New York. In 1906, Goldman Sachs & Co. had another opportunity for underwriting for Sears, Roebuck & Co.

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A financial history of the United States (1900-1970) by Jerry W. Markham

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