영문목차

List of Illustrations=xv

Preface=xvii

Acknowledgments=xix

Introduction=xxi

Chapter 1. In the Beginning=3

1. The Antecedents: World Trade Before the Discovery of America=3

Mercantilism=3

Law and Finance=4

The Birth of Money=4

Bills of Exchange=5

Ancient Derivatives=5

Insurance=6

Lending and Trade=6

Finance in Spain at the Time of Columbus=7

Finance in England Before the Discovery of America=8

Ancient Rome and Renaissance Italy=12

Finance Elsewhere in Europe Before Columbus=15

2. The Colonization of America=19

Finance in America Upon the Arrival of Columbus=19

Europeans Arrive in the New World=20

The English in North America=21

Establishment of Permanent Colonies in America=24

3. Commerce With the Colonies=30

Regulation of Trade=30

The Colonies Do Not Submit Meekly=31

The Royal Colonies and the Board of Trade=33

Economic Expansion=35

Slavery and Finance=37

Methods of Exchange=38

The Export Trade=39

America's Benefit to England=40

4. Trade and Money=43

Money in America=43

Commodity Money=44

Coins as Currency=46

Paper Money=48

Bills of Credit=50

Fluctuations in Currency Values=53

Monetary Problems=55

5. Revolutionary Finance=58

Revolution=58

Financing Independence=60

Dealing With Inflation=66

Robert Morris=69

The Morris Bank=71

Chapter 2. A Nation Is Born=75

1. Independence=75

The Articles of Confederation=75

The Constitution=76

The Fight Over Assumption=77

Assumption Succeeds=79

Assumption Leads to an Insider Trading Scandal=80

Taxation With Representation=81

Monetary Problems Continue=82

Creation of a Mint=83

Early Banking Development=84

Banking Growth=86

The Bank of North America=87

Creation of a National Bank=88

The Treasury Department and State Banks=90

Money Shortages and Problems=91

2. The Development of Corporations=93

Stock Exchanges Are Formed=93

Trading in London=94

Stock Jobbers=96

The South Sea Bubble=97

The Bubble Bursts=98

The Mississippi Bubble=100

Speculation in America=101

Land Companies=102

Other Business Associations=104

Commercial Corporations=105

Corporate Growth=106

3. The Rise of the American Stock Market=108

William Duer=109

The Duer Panic=110

The Morris Failure=111

Alexander Hamilton's Travails=113

The Market Grows=114

Speculation in Securities=115

Trading in New York=116

Securities Auctions=117

Government Reaction to Speculation=118

Speculation Continues Despite Concerns=119

The Lotteries=119

Securities Trading Expands=120

The War of 1812=121

Post-War Problems=123

The NYSE Is Formed=123

Insider Trading=124

4. The Bank of the United States=126

State Banks Jump Into the Void=127

Banking Operations=128

Currency Exchange=130

Clearinghouses=131

Banking Problems Grow=131

Savings Banks and Other Intermediaries=131

Currency Problems=132

Bank Regulation=133

A New National Bank=134

The Second Bank=135

State Taxes=136

The Bank Affects the National Economy=137

Currency Problems Remain=138

Chapter 3. Finance Before the Civil War=141

1. The Bank Fight=141

Nicholas Biddle=141

Andrew Jackson=142

Henry Clay Joins the Battle=143

The Second Bank Loses the Fight=144

The Pet Banks=144

The Second Bank Reacts With Venom=145

Jackson's Questionable Victory=146

Specie and Monetary Problems=147

The Specie Circular=148

The Panic of 1837=149

Government Deposits=150

Specie Suspensions=151

The Independent Treasury System=151

Currency Solutions Remain Elusive=152

Shinplasters=153

2. Stock Exchanges and Railroads=154

Internal Improvements=154

Corporate Development=155

The NYSE=156

Transfer Systems=157

Brokerage Firms=158

Trading Markets Expand=159

NYSE Changes=159

Margin Trading=160

Jacob Little=161

Short Sales and Manipulation=162

Market Information=162

Foreign Capital=163

State Bonds=164

Railroad Stocks=165

London Investors=166

Market Reversals=166

3. The State Banks=168

Banking Problems Grow=168

The Suffolk System=169

State Regulation=170

Bank Regulation in New York=171

Safety Funds=171

State Involvement in Banking=172

Private and State Banks=173

Southern Banking=174

Commercial Paper=175

Banknotes=175

Bank Branching=176

Clearing and Settlement=177

Checks=178

Thrift Expansion=178

More Money Problems=179

4. Insurance in America=181

Lloyd's of London=181

Life Insurance=182

Marine Insurance=182

Fire Insurance=182

Insurable Interest Requirement=183

Annuities=184

Other Forms of Insurance=184

Marine Insurance in America=185

Fire Insurance in America=185

Mutual Insurance=186

Annuities in America=187

Life Insurance in America=188

Tontine Schemes=188

Term Insurance=189

Insurance Company Growth=190

MLIC and Other Companies=191

The Great Fires=192

Insurance Regulation=193

Insurance Agents=193

5. The Panic of 1857=195

The Exchange Business=196

Alexander Brown & Sons=196

Express Services and Finance=197

Financial Transactions Evolve=198

Investment Standards Are Set for Trustees=198

Gold Discoveries=199

Finance in the West=200

Trading Problems=200

The Panic Begins=201

Causes of the Panic=202

Investment Banking=203

Sectional Issues=203

Chapter 4. The Civil War and Speculation=207

1. Union Finance=207

Northern Financial Problems=208

Wartime Measures=208

Salmon P. Chase=209

Jay Cooke=211

Criticism of Cooke=212

Financial Problems Mount=213

Need for a National Currency=214

Legal Tender Problems=215

National Banks=217

National Bank Regulation=218

Branching and State Banks=219

Wartime Costs=220

Finances and Assassination=221

2. Confederate Finance=223

Confederate Taxes=223

Money Troubles=226

Borrowing to Finance the War=226

Commodity Currency=228

Confederate Notes=229

Counterfeiting=230

Currency Shortages=231

King Cotton=231

The Erlanger Loan=232

Inflation=234

Private Finance=236

Confederate Finance Collapses=237

Confederate Note Holders=240

3. Wartime Speculation=241

War and the NYSE=241

Exchange Competition=242

Gold and Oil Sales=243

Country Trading=244

Stock Market Communications=245

Railroad Finances=246

Stock Manipulations=247

Foreign Investment During the War=249

Peace Causes a Market Downturn=249

4. The Robber Barons=251

John Jacob Astor=251

Stephen Girard=252

Cornelius Vanderbilt=253

Daniel Drew=254

Skulduggery=255

The Erie Gang=257

The Erie Gang Splits Up=260

Jay Gould=262

The Robber Baron Creed=264

5. Commodity Markets and the Gold Corner=265

Derivatives in America=265

Commodity Exchanges=266

The CBOT=267

Commodity Exchanges Proliferate=268

The Gold Market=269

The Ketchum Forgeries=271

The Epic Gold Corner=272

The Corner Is Broken=274

Chapter 5. The Panics=279

1. Financial Growth and the Panic of 1873=279

Growth of the Equitable=280

Insurance Regulation=281

Expansion of Coverage=282

Consumner Credit=282

Bank Failures=282

Margin Transactions in Stock=283

Certified Checks=284

Lockups=284

New Financial Figures=285

European Investment=286

Women Investors=287

The NYSE=288

The Credit Mobilier=290

Underwriting Develops=291

The Panic of 1873=293

Money Market Concerns=295

2. The Panic of 1884=297

Speculation and Syndicates=297

Reconstruction Finance=299

Credit Agencies=299

Stock Tickers and Transfers=300

The Telephone Arrives=301

The Panic of 1884=301

Bank Runs=303

Speculators Suffer=303

Call Money=304

Trading Activities=304

Brown Brothers=305

Traveler's Checks=306

The Rothschild Investment Banking Firm=306

Baring Brothers=307

Fixed Income Instruments=308

3. Commodity Markets and Bucket Shops=310

Chicago Traders=310

The Leiter Corner=311

Short Sellers=312

More Chicago Exchanges Are Formed=313

National Board of Trade=313

Commodity Clearinghouses=314

Oil Futures=314

Futures Trading on Margin=315

Futures Marketing=316

Privileges=316

Difference Trading=317

Bucket Shops=318

Gambling Transactions=319

Speculation Has Advantages=320

Congress Considers Legislation=320

Regulation of Speculation in Germany Fails=320

4. Investment Trusts and the Panic of 1893=322

The French Creacutedit Mobilier=322

Investment Companies Expand=323

American Investment Companies=324

Investment Advisers=325

Institutional Investors=325

Business Structures=326

Wirehouses=326

Bernard Baruch=327

Other Speculators=327

Financing Industry=328

NYSE Trading=328

The Wall Street Journal=329

The Panic of 1893=330

The Money Market=331

The "Great Depression"=331

Railroad Finance=332

More Panics=332

Accountants=333

Exchange Growth=334

The Dow Jones Industrial Average Begins=335

Financial Troubles Continue=335

The Insurance Industry=336

Chapter 6. Money and Wealth=339

1. Monetary Issues=339

Resumption=339

The Legal Tender Cases=340

The Free Silver Movement=341

Greenbackers=342

Speculation in Bullion=345

Coxey's Army=346

Government Gold Stocks=347

A Cross of Gold=348

Monetary Commissions and Conferences=348

Government Circulation and Taxes=350

2. The Gilded Age=351

The Wealthy Class=351

Andrew Carnegie=351

John D. Rockefeller=352

The Standard Oil Trust=353

Trusts and Pools=354

Holding Company Legislation=356

Merger Mania=356

J.P. Morgan & Co.=357

Speculators and Financiers=359

E.H. Harriman=360

International Finance=361

Public Finance=361

Government Regulation=362

3. Money, Banks, and Trust Companies=365

Dual Banking System=365

Banking Giants=365

Banking Regulation and Operations=367

Checking=368

Clearinghouses=368

Money Markets=369

Branch Banking=370

Thrifts=371

Commercial Paper=372

Goldman, Sachs & Co.=374

Other Money Market Instruments=374

The Trust Companies=375

Trust Company Regulation=376

Conclusion=379

Notes=385

Selected Bibliography=403

Name Index=415

Subject Index=423

II

영문목차

List of Illustrations=xiii

Preface=xv

Acknowledgments=xvii

Introduction=xix

Chapter 1. A New Century=3

1. The Twentieth Century Begins=3

The NYSE=3

The Consolidated Stock Exchange=5

The Curb Market=6

Brokerage Firms=7

The West Coast=9

Speculators=10

Tht Securities Business=10

Mergers=12

The Great Northern Battle=13

2. Insurance, Banking, and Underwriting=17

Insurance=17

The Armstrong Investigation=18

New Directions=20

New Entrants Into the Banking Business=21

Money Markets=21

Consumer Credit=22

The Big Banks=23

Investment Banking=25

Economic Consolidation=26

Securities Disclosures=27

3. The Panic of 1907=29

J.P. Morgan to the Rescue=31

Effects of the Panic=34

The Hughes Committee=35

Currency Issues=38

Trading Continues=39

Taxes=40

4. The Federal Reserve and the Money Trust=42

The Duck Hunters=43

The Federal Reserve Is Created=45

State Banks=46

The Hunt for the Money Trust=47

The Pujo Committee Attacks the NYSE=50

The Pujo Committee Recommendations=53

5. Banking and Securities Before the War=55

Changing of the Guard=55

Financial Institutions=56

Bank Affiliates=57

Blue-Sky Laws=58

Financial Markets=60

William Durant=63

Automobile Finance=64

International Finance=65

Chapter 2. America Enters the War=69

1. World War I=69

Prewar Finance=69

International Payments=70

American Financial Leadership=73

America Enters the War=75

The Liberty Loans=76

War Finance=78

2. War and the Stock Market=80

The Money Committee=80

The Capital Issues Committee=82

Securities Trading=85

Financial Changes=88

Pension Plans=90

Disturbances=90

Accounting=91

3. The Futures Markets=93

Regulatory Issues=94

The Cotton Futures Act=95

Wartime Trading=96

Postwar Problems=99

The FTC Study=100

Legislation=101

Abuses Remain=102

Additional Exchanges=104

Clearinghouses and Other Issues=105

4. Banking in the Twenties=107

Consumer Finance=107

Money Markets and the Fed=108

Banking Operations=111

Branch Banking=113

International Banking=115

Bank Securities Affiliates=115

J.P. Morgan & Co.=118

Government Finance=118

Chapter 3. The Crash=123

1. The Stock Market Expands=123

The NYSE=124

Other Markets=126

Information=128

Investments=129

Merrill Lynch and Other Giants=130

Syndicate Operations=131

William Durant=132

More Automobiles=133

Financial Troubles=134

2. The Market Surge and Investment Trusts=137

Investment Trusts=137

The Big Investment Trusts=140

Investment Trust Abuses=142

Other Abuses=143

Preferred Lists=145

Real Estate=146

3. The Stock Market Crash of 1929=148

Speculative Orgies=148

Manipulations=149

Margin Concerns=150

The Crash=153

Aftermath=156

4. The Banking Crisis=160

Bank Failures=160

The Reconstruction Finance Corporation=161

Government Programs=163

Bank Runs=164

The New Deal=165

The Investment Bankers Split=168

Further Reforms=171

5. Congress Investigates the Stock Market=173

The Crisis Deepens=173

Congressional Investigations=177

Insider Trading=180

Margin Trading=182

Securities Legislation=184

Chapter 4. Regulating Finance=189

1. Monetary Policy and the Depression=189

Monetary Policy and International Finance=190

The Gold Standard Is Abandoned=191

The Silverites Return=194

Fort Knox=195

Government Intervention=195

The Bonus Anmy=197

NIRA=198

More Relief Agencies=199

Social Security=200

Taxes=201

2. The Federal Securities Laws=202

Joseph Kennedy=202

SEC Regulations=202

Holding Companies=205

The Whitney Scandal=206

NYSE Reforms=207

SEC Efforts=208

The NASD=210

Accounting=211

Trust Indenture Act=212

3. Commodity Market Reforms 214

Speculation=214

Farm Relief=214

Trading Concerns=215

President Hoover Becomes Alarmed=216

Commodity Prices Continue Their Plunge=217

Government Intervention=218

Congress Investigates=220

The Commodity Exchange Act=222

Margin=223

Commodity Markets=224

4. The Market Suffers=226

Trading Continues=226

Government Securities=228

Financing Business=230

New Leaders=232

Market Ups and Downs=233

The Crisis Conitinues=235

5. Investment Companies and Insurance Regulation=237

Abuses=238

Legislation=239

Market Activity=241

Government Investigations=244

TNEC and a New Money Trust=245

Insurance Industry Investigation=245

Industry Composition 246

Insurance Industry Investments=249

Industry Abuses=250

Chapter 5. War and the Rebuilding of Finance

1. World War II and Finance=255

War Preparation=255

Effects of the War in Europe=257

Lend-Lease=258

Commodity Trading=259

Financial Effects of the War=260

Government Finance=261

War Loans=263

Wartime Taxes=263

Securities Markets=265

Banking Activity=266

Insurance Business=267

2. After the War=269

Demobilization=269

Postwar Boom=270

Speculation Resumes=270

Truman's Attacks on Speculators=272

Expanded Trading=274

The IMF=275

GATT=277

The Marshall Plan=277

Banking Operations=278

Credit Cards=279

Insurance Companies=280

Financing Resumes=281

Government and Finance=283

Securities Trading and Information=284

3. Korea and the War on the Investment Bankers=286

Speculation=286

Insurance Programs=288

A New Money Trust Hunt=288

Underwritings=290

Stock Trading=292

New Issues=293

Securities Fraud=295

Boiler Rooms=296

Financial Changes=297

4. The Fed and the 1950s=299

The Treasury-Federal Reserve Accord=299

Fixed Income Securities=301

Small Businesses=303

Commercial Banks and Thrifts=303

Consumer Finance=305

Credit Card Growth=306

Banking Operations=307

Bank Holding Company Legislation=307

Banking Challenges=308

International Finance=309

Financial Concerns=310

Chapter 6. A New Era Begins=315

1. Institutional Investors=315

Investment Standards=315

Insurance Business=316

Annuities=317

Pension Funds=318

Mutual Funds=320

Corporate Finance=320

Securities Markets=321

Financial Abuses=323

Commodity Markets=323

Increased Wealth=324

2. Banking, Gold, and Trading=326

Gold Problems=326

Euro Dollars=328

Problems on the AMEX=329

Securities Trading=330

Salad Oil Swindle=331

Special Study of the Securities Markets=333

Insider trading and Other Concerns=334

Government Finance=334

Banking Consolidation and Regulation=335

Crossing Regulatory Boundaries=336

Banking Finance=339

Government Securities=340

Commodity Markets=341

3. The Securities Markets=342

Merrill Lynch=342

Underwriting=343

Stock Exchanges=344

Exchange Competition=346

Securities Information=346

Mergers and Acquisitions=347

Conglomerates=348

Securities Markets and Mutual Funds=351

IOS=353

4. Institutions and Paperwork=356

Insurance Companies=356

Pension Plans and Other Institutional Investors=357

Hedge Funds=358

Institutional Membership=359

Block Trades=360

REITs=360

Securities Trading=361

Paperwork Crisis=362

Legislation=364

Stock Certificates=366

Conclusion=369

Notes=373

Selected Bibliography=383

Name Index=395

Subject Index=401

III

영문목차

List of Illustrations=xiii

Preface=xv

Acknowledgments=xvii

Introduction=xix

Chapter 1. Financial Turmoil=3

1. Interest Rates Other Concerns=3

Inflation=3

Recession=4

Finance in an Inflationary Environment=5

Money Market Funds Appear=6

Structural Reviews=7

NOW Accounts=8

Banking and Securities=10

Consumer Legislation=11

Credit Cards=12

Checks and Wires=14

Monetary Policy and Capital Markets=15

Mergers and Holding Companies=15

Credit Unions=17

Commercial Banks and REITs=17

Bank Problems=18

Franklin National Bank=19

Herstatt=20

2. Commissions and Scandals=21

Market Volatility=21

Securities Scandals=22

The Securities Business Evolves=24

Securities Market Structure=27

Institutional Trading=28

Securities Commissions=29

SEC Regulation=30

Insurance Problems=31

3. New Economic Policy and New York City=36

Gold Problems Accelerate=36

NEP=37

Floating Exchange Rates=38

Inflation=39

The Grain Robbery=40

Commodity Prices Soar=41

Commodity Futures Trading=42

Commodity Options=43

CFTC Act of 1974=44

International Finance=46

Municipal Finance=46

New York City Crisis=47

Municipal Securities Regulation=48

U.S. Government Securities=49

4. Derivatives Expand=51

CBOE=51

Options Trading Issues=53

Commodity Options=54

Deferred Delivery Contracts=56

Futures Trading=58

Soybeans=59

Other Problems in the Futures Markets=60

Silver Crisis=61

5. Interest Rates Again=65

European Finance=65

OPEC=66

Banking Operations=66

ATMs=68

Economic Problems=69

Banking Legislation=70

Monetary Policy=71

The War on Inflation=73

Deregulation=74

Bank Failures=75

Penn Square=76

Continental Illinois=77

Thrift Concerns=78

Chapter 2. Markets Merge

1. Derivatives Continue Their Growth=81

CFTC Issues=81

Tax Straddles=82

Other Abuses=84

Options Exchanges=85

Index Futures=86

Shad-Johnson Accords=87

Treasury Amendment=89

Financial Futures=89

Insider Trading and Other Concerns=90

Scandals=92

Exchange Expansion=93

2. Hostages, Repos, and Other Matters=95

The Reagan Administration=95

Deregulation=96

Investors in America=97

Consolidation=99

Merrill Lynch=100

Market Problems=101

Clearing, Settlement, and Information=102

Repos=103

The Insurance Business=107

3. Mergers and Insider Trading=109

Junk Bonds=109

Investment Banking=111

Corporate Raiders=113

Merger Battles in Court=116

RJR-Nabisco and Other Battles=119

Financial Abuses Increase=120

Insider Trading=122

Insider Trading Scandals Mount=124

Michael Milken=126

4. Banking Woes=128

Latin America=128

Brady Bonds=131

Banking in America=131

Other Financial Concerns=134

Banks Enter the Securities Business=136

Banks Enter Other Fields=138

Bank Thefts=140

Consumer Credit=141

5. REITs and Asset-Backed Debt=142

Mortgage Backs=142

CMOs=143

REITs=144

Securities Business=146

Penny Stocks=148

Chapter 3. Finance Falters=153

1. The Stock Market Crash of 1987=153

New Wave Finance=153

Meltdown Concerns=153

The Market Crash=155

The Aftermath=157

Brady Commission=158

Securities Market Problems=159

More Market Volatility=161

Futures Markets=161

The Chicago Sting Operation=163

2. The S&L Crisis and Banking Scandals=166

Investment Restrictions Are Eased=166

Disaster=167

Government Reaction=171

FIRREA=172

BCCI=174

International Regulation=175

Money Laundering=176

Other Concerns=177

3. Stock Markets and Brokers=179

Government Finance=179

Securities Business=180

Market Participants=181

Stock Trading=183

The Nasdaq Market=185

Managed Money=186

Market Issues=187

Derivatives=188

Regulatory Structure=189

4. The Crisis in Derivatives 191

Hybrid Instruments=191

Swaps=192

New Instruments=193

Derivative Regulation=196

OTC Derivative Disasters=198

More Derivative Concern=202

Chapter 4. American Finance Rebounds=207

1. Markets and Broker-Dealers=207

Economic Concerns=207

Trading Markets=207

Changes in Players=209

The Internet and Other Advances=211

Scandals and Setbacks=213

Rogue Brokers and Rogue Traders=214

Government Securities Markets=217

Market Updates=218

Litigation=222

Markets and Polities=223

2. Insurance Troubles=224

Losses Mount=224

Insurance Regulation=225

Failures=226

Fraud=227

Restructuring=229

Insurance Growth=230

Insurance Products=231

Industry Employment=232

Mergers and Demutualization=234

Bank Insurance=237

3. Banking Growth=238

Bank Products=238

Branch and Interstate Banking=241

Public Interest Issues=242

Bank Competition=243

Bank Consolidation=244

Foreign Banking and Finance=246

The Fed=248

4. The Market Boom=249

Market Growth=249

Market Volatility=251

Markets Merge=252

Business Changes=252

Brokerage Firms Evolve=253

Information Services=255

Market Transactions and Products=258

Scams=259

Municipal Securities=262

Other Market Concerns=264

U.S. Government Securities=265

5. International Finance and Derivatives=267

The IMF=267

Japan=268

International Finance=269

Futures Markets=271

Other Derivatives=275

Gold and Silver=277

Chapter 5. The Century Closes

1. Internet Money and Trading=283

Old Money=283

Credit Cards=284

Smart Cards=286

Other Electronic Finance=288

Checks=288

Home Banking=289

Internet Commerce=291

Internet Fraud=293

Online Trading=294

2. Banking Consolidation=298

Banking Business Base=298

Glass-Steagall Barriers Fall=299

Banking Consolidation Continues=302

International Banking=304

Y2K=307

Banking on Other Levels=307

Banking Crimes=309

3. Market Ups and Downs=312

Stock Ownership=312

The Rich Get Richer=313

Market Action=314

Long-Term Capital Management=316

Market Volatility and Growth=318

REITs=320

The Euro=321

Record Growth=321

4. Market Bubbles and Changes=323

Consolidation=323

Finance and Commerce=327

Government Finance=328

Raising Capital=330

Exchange Trading=331

Financial Information=332

Day Traders=333

ECNs=335

Online Banking=337

Mutual Funds=338

5. Into the Millennium=339

The Market Bubble=339

Glass-Steagall Falls=341

Fraud and Finance=342

Financial Developments=346

Exchanges and Trading=348

Market Volatility Continues=349

Conclusion=359

Notes=367

Selected Bibliography=373

Name Index=381

Subject Index=385

Cumulative Name Index=399

Cumulative Subject Index=413

About the Author=451