By Jerry W. Markham
This entire monetary heritage of the USA makes a speciality of the expansion and enlargement of banking, securities and assurance because the colonial interval. The ebook breaks down into sessions of frenzied hypothesis, quiet progress, panics and livid growth.
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Additional info for A Financial History of the United States (3-volume set) (1970-2001) From the Age of Derivatives to the New Millenium
That did not stop the drain of gold. S. 4 billion, which was the 36 NEW ECONOMIC POLICY AND NEW YORK CITY 37 lowest since 1937. Gold buying increased. On March 13, 1968, a massive gold purchase in London reduced America’s gold supply by almost $400 million in a single day. The seven nations in the gold pool then set up a two-tiered system in which “monetary” gold was separated from gold being bought and sold in the open market by speculators. Gold trading in London was stopped for two weeks during this transition period.
Trading in the third market in some stocks was over 25 percent of volume by 1973. Donald E. Weeden’s firm was the leader of the third market traders. Weeden & Co. was not a member of the NYSE and was accounting for about a third of the third market business. This firm was taken over in 1978 by Mosley, Hallgarten & Estabrook. A. Shapiro and Allen & Co. were other third market firms. First Boston Corp. was a third market maker. Instinet, an institutional market, was growing only slowly and experiencing difficulties with its trading system and computers.
These policies allowed the owners to set their own premium payment levels, which determined the cash surrender value of the policy. Universal insurance was another change that allowed greater flexibility in premium payments and death benefits. The first of those policies was issued in 1977. Even more important was the creation of the variable life insurance policy, which had been sold abroad before being introduced to the United States in 1976. In a variable life insurance policy, the benefit was based on the investment experience of a separate pool of assets.