Even before the 1873 panic, a new way of dealing with railro
Citations (2)
- The House of Morgan - An American Banking Dynasty and the whole source · open book
Even before the 1873 panic, a new way of dealing with railroad rascality had appeared, devised, improbably, by Jay Gould. When investors boycotted an Erie bond issue in 1871, he proposed to bring in outside coal, railway, and banking interests to run the railroad as “voting trustees” who would control a majority of Erie stock.
chapter: 3. Prince
- The Creature from Jekyll Island: A Second Look at the Federal Reserve pp. 425-429 · open book
the so-called panics of 1873, 1884, 1893, and 1907. Each of them was characterized by inadequate bank reserves