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American Commercial Banks in Corporate Finance, 1929-1941 - A Study in Banking Concentrations (Hardcover)
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American Commercial Banks in Corporate Finance, 1929-1941 - A Study in Banking Concentrations (Hardcover)
Series: Financial Sector of the American Economy
Expected to ship within 10 - 15 working days
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This book argues with facts and figures that a small group of New
York banks, by means of term loans and working in close
collaboration with their affiliated life insurance companies,
exerted a strong influence over the supply of money and credit, and
thus over the economy, throughout the years of the Depression. This
study analyzes the growth of term loan under the depression, the
concentration of the loans in a handful of powerful New York banks,
the interplay between these banks and large life insurance
companies in the capital market, and the resulting economic
consequences. It also details the changes that took place in the
leadership within the financial hierarchy during the depression:
the J.D. Rockefeller interests replaced the Morgan-First National
interests as the country's dominant financial power- a change that
has escaped previous scholarly notice.
Originally used as a credit instrument to finance distressed
corporations during the prolonged depression, term lending by
commercial banks gained momentum in the mid-1930s and had, by 1940,
accounted for 30-50% of the outstanding loans held by New York, and
Chicago banks. Although a number of studies have attempted to
explain the significance of term loans in corporate finance during
this period, their treatment of the subject was relatively limited
in scope due to absence of systematic data on loans provided by
individual banks to their corporate borrowers. This study is the
first to investigate all the loans reported by the borrowing
corporations to the Securities Exchange Commission between 1935 and
1941 and also to make use of the abundant related materials that
appear in a wide range of journals and public documents.Contrary to
widely held belief, the banking reforms of the New Deal era failed
to reduce Wall Street's influence over finance and industry.
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