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By Jerry W. Markham

This complete monetary historical past of the U.S. makes a speciality of the expansion and enlargement of banking, securities and assurance because the colonial interval. The publication breaks down into sessions of frenzied hypothesis, quiet progress, panics and livid enlargement.

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The Dow Jones Industrial Average reached 100 for the first time on January 12, 1906. Securities prices then started dropping. A “March Panic” in 1907 knocked $2 billion off stock market values. Union Pacific stock dropped $25 in a single day. That panic was curbed by the intervention of the Secretary of the Treasury, but problems continued. New York City tried to float a 4 percent bond issue in June of 1907 for $29 million. Only $2 million of that offering was subscribed for by potential purchasers.

He often made small loans, as little as $25, and he advertised for clients in the newspapers. Giannini kept his bank operating right through the San Francisco earthquake. Giannini opened his first branch office in 1907 in San Francisco. The California legislature allowed statewide branch banking two years later. Giannini then opened a branch in San Jose by buying a bank and making it a branch of his Bank of Italy. He later made several such acquisitions. Wells Fargo separated its banking and express business in 1905.

The originating banker would manage the purchase syndicate, which would sell the securities. Sometimes an even larger syndicate (“a banking syndicate”) would be formed. The purchasing syndicate would sell its securities to the banking syndicate at an increased price over that paid to the originating banker. The syndicates sought to main- 26 A NEW CENTURY tain a fixed price, which was called the “public offering price,” for the security during the offering. The syndicate members engaged in market transactions to maintain that price, and they coordinated their sales operations.

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