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On the Wednesday morning, when he reached his office, Mr. Letterblair met him with a troubled face. Beaufort, after all, had not managed to "tide over"; but by setting afloat the rumour that he had done so he had reassured his depositors, and heavy payments had poured into the bank till the previous evening, when disturbing reports again began to predominate.
Beginning with the flush times of Hamilton's leadership, the financier had grown in power and influence, sometimes purposely organizing a monopolistic control over the money of the public, as in the case of the Suffolk Bank of Boston, sometimes mercilessly robbing depositors, as in the notorious defalcation of the Derby Bank of Connecticut in 1825, until it had become a serious national problem not merely to regulate the currency of the country, but to curb the rapacity of those who, under one pretense or another, violated the laws of all the States in order to heap up hasty fortunes.
That must be all, though. As for the practice, you must let me settle every case where I think the right is with the plaintiff." This caused demur at first, but eventually he was employed, and it was found that money was saved in the long run, for Peter was very successful in getting people to settle out of court. "He brings us a good many depositors," Mr.
These small depositors are either laborers or in "business;" business that they would enlarge if business of all kinds was not already overdone. It is not to be inferred from this that the new law will cause factories to run day and night, or keep the merchant's door always on the swing. There will be an increase of business surely; but this world is not like a goose whose liver we are after.
No one but the cashier could know how many of his clients were still alive, and what each man's share would be. The mortality to which the depositors were peculiarly liable had formed a basis for Trompe-la-Mort's calculations when he resolved to embezzle the funds for Lucien's benefit.
Louis October 17th, and found the partners engaged in liquidating the balances due depositors as fast as collections could be forced; and, as the panic began to subside, this process became quite rapid, and Mr.
Profits can be easily cast as the premiums a firm charges for the risks it assumes on behalf of its customers i.e., risk transfer charges. Depositors charge banks and lenders charge borrowers interest, partly to compensate for the hazards of lending such as the default risk. Shareholders expect above "normal" that is, risk-free returns on their investments in stocks.
If a leader should appear, it would be time to interfere; and then it would be necessary to do so before the crowd got into action. A half hour passed with nothing more exciting than the frantic appeals of the janitor of the building for police protection. Failing to obtain it he implored the depositors to leave. He might as well have appealed to the ocean tide to change its course.
His wife stood just inside the door, looking out at them. The "bank case" was the great sensation of the town, and Wood was one of the main witnesses, for he had been taking the place of the absent cashier when the safe was broken open and rifled, to the widespread distress of depositors and stock-holders and the ruin of Hon. Edward Clark, the president.
Country depositors demanded their money; the country banks therefore withdrew their deposits with the city banks, which in turn called in their loans, and industry of every kind stopped. In 1873 there were 5000 failures, and in 1874 there were 5800. Hours of labor were reduced, wages were cut down, workingmen were discharged by thousands.
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