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Payment
Checks were becoming a more common form of payment -
Capital Stock
Ownership of capital stock increases as common people become more affluent, have surplus capital, and have access to the stock market -
Period: to
Rate of Inflation
The rate of inflation ranged from 16.86% to 17.86% -
Period: to
Unemployment
The unemployment rate for 1900-1919 ranged from 5% to 1.4%. The decline of unemployment was caused by the "good times" that followed directly after WWI as well as the increased of women into the labor force. -
Robin Barons
Robin Barons, or businessmen who allegedly used unscrupulous tactics in their business operations and stock market to make huge personal fortunes, included J.P Morgan (banking), John D, Rockerfeller (oil), and Andrew Carnegie (steel) -
Gold Standard Act
Stabilized economy, established gold as the only standard for redeeming paper money, and prohibited the exchange of silver for gold -
Panic of 1901
FIrst Stock Market crash on the NYSE caused in part by the struggle for financial control of the North Pacific Railway, ruining thousands of small investors. -
Roosevelt v. Morgan
President Theodore Roosevelt announces an antitrust suit against J.P. Morgan’s railroad holding company -
Bank of Italy (United States)
The Bank of Italy was founded in San Francisco by Giannini, growing branch by branch to become the Bank of America, the world's largest commercial bank -
Panic of 1907
NYSE fell almost 50%, leading to public panic and runs on the bank, leading to large-scale liquidations of call loans, leading to the failure of thousands of businesses -
National Monetary Commission
Created by the Aldrich-Vreeland Act in reaction to the Panic of 1907, with a goal of proposing a banking reform plan -
Culture
The average salary is $750/year and Union Membership is at 2.1 million. -
Standard Oil break-up
The Supreme Court ruled that Standard Oil was an illegal monopoly and orders it to be broken up, resulting in the creation of 37 new companies -
Federal Reserve Act of 1913
One of the most influential laws concerning the US financial system. It created the current Federal Reserve System, intending to create to establish a form of financial stability through a central bank -
Period: to
World War I
Major stimulus to the US economy. Largest economy in the world in terms of GNP, allowing the financial center of the world to shift from London to Wall Street, allowing the economy to flourish after the war -
Banking Power
In June 1916, the United States' banking power was $29,353,500,000, showing an increase over 15.57% -
Citibank
First National City Bank has $1 billion in assets
