By David M. Kotz
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Additional resources for Bank Control of Large Corporations in the United States
Pp. 57-60. 51. Raymond Goldsmith, Financial Institutions (New York, 1968), p. 164. From the 1880s through World War I life insurance companies put about two-fifths of their funds into corporate bonds and stock. 52. Moody, Masters of Capital, pp. 126-28. 53. House Banking and Currency Committee, Report. , p. 83. 54. Moody, Masters of Capital, p. 150. 55. Corey, p. 354; House Banking and Currency Committee, Report. , pp. 60-71. 56. House Banking and Currency Committee, Report. , p. 89. THE EVOLUTION OF FINANCIAL CONTROL Kuhn, Loeb and Company also had control or influence over numerous corporations by 1912.
11. , p. ) See also Campbell, chap. 2. 12. Moody, Masters of Capital, p. 25. 27 28 BANK CONTROL OF LARGE CORPORATIONS the predatory practices of certain railroad capitalists. Jay Gould, Daniel Drew, and James Fisk were notorious for buying control of a railroad, looting its assets, and selling out before the damage became generally known. An outstanding example involved Gould's control of the Union Pacific in the late 1870s. He bought up a series of unused, worthless railroad lines which, when combined together, paralleled the Union Pacific's main route.
This foreshadowed the emergence of commercial banks as the dominant financial institutions after World War II. The economic and financial conditions of the 1920s — a prolonged economic boom and a rising volume of security issues — not only stimulated increasing competition among financial institutions in New York and other Northeastern cities. 88. Marquis James and Bessie Rowland James, Biography of a Bank (New York, 1954). p. 198. 89. Goldsmith, Financial Institutions, p. 168. 90. Carosso, p. 272.
Bank Control of Large Corporations in the United States by David M. Kotz