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The Panic of 1907 Replies |
rffrydr Moderator


Joined: 30 Oct 2005 Posts: 16939 Location: Sunny California
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Posted: Mon Sep 28, 2009 5:54 pm Post subject: |
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From abstract ownership of hard assets to abstraction of ownership itself, liabilities are fixed while assets have to be "interpreted":
| Quote: | | Such a shock occurred on October 16, 1907, when F. Augustus Heinze's scheme to corner the stock of United Copper Company failed. Although United Copper was only a moderately important firm, the collapse of Heinze's scheme, exposed an intricate network of interlocking directorates across banks, brokerage houses, and trust companies in New York City. Contemporary observers like O.M.W. Sprague (1910) believed that the discovery of the close associations between bankers and stockbrokers seriously raised the anxiety of already nervous depositors. |
http://eh.net/encyclopedia/article/moen.panic.1907 _________________ Today is the Tomorrow you worried about Yesterday! |
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