13 October. 1866. N. 332.

Aus:
The Money Market Review, 13. Oktober 1866. S. 409/410.
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The Case of the Shareholders in Overend, Gurney et Co.

Deficiency des old concern, when converted into Limited Liability Co. of 3 mill. The old firm had received 250,000£ in cash since the transfer of the business, besides cash to a large amount on the sale of shares at a premium, yet „when the lim. Co. stopped payment, the books showed still the deficiency at upwards of 3 Mill. £. St.[“] Alle faulen Schulden figurirten as assets „to pay the liabilities transferred to the limited Co.[“] Den faulen Schulden unter denselben Rubriken noch zugefügt durch die limited liability Co.

Aus:
The Money Market Review, 13. Oktober 1866. S. 410/411.
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Journal des Débats on Act of ’44.

„That system renders a panic inevitable, as soon as the public perceives that the limit (of the quantity of banknotes) is being approached. Then bankruptcies accumulate … and the entire commerce of the most opulent nation in the world struck with discredit on all the Exchanges to such a point that hardly any one at Paris, Amsterdam, Frankfort, or Hamburg will buy paper on London.“

Aus:
The Money Market Review, 13. Oktober 1866. S. 413/414.
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Limited Liability as Applied to Banking.

Paid plan that followed till now (last 10 years) to have only a small proportion of the capital paid up. It was done: 1) to attract shareholders by the expectation that on their part no further advance would be required; 2) by the unpaid reserve to afford a ground of confidence to creditors.

Kömmt nun call, oder its prospect, many (schlechtbeschlagne shareholders) rush to the broker. Shares are pressed on the market; the price falls, and drops lower day by day. |225 Simultaneously, another process commences. As the value of the shares drops, the depositors and customers become alarmed. As fast as they withdraw their money the shares decline lower and lower, till the final catastrophe arrives. In some cases, such was the alarm which the mere idea of raising more capital excited, that it became impossible to make a call, however imperatively required, the directors avowing that, by such a course, more money would be frightened away, on the one hand, than obtained, on the other. Where, then, to these Cos. the advantage of the uncalled margin? It has only been prejudicial to the shareholder. Depositor, perhaps secured from ultimate loss, but the long delay of liquidation etc. If Capital paid up in full , the prospect of a call could never be employed to depreciate the share. Directors and managers, knowing to be without reserve, obliged to be entirely careful in the conduct of their business. Mit a reserve, an absolutely rotten concern – da jeder, der mit ihm handelt auf die Reserve rechnet – may be patched and supported for a time by trading on the credit of others. Should a banking Co. trade on its capital, or on the credit of its shareholders?



April 20, 1867. N. 359.

Aus:
The Money Market Review, 20. April 1867. S. 473.
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The Panic about „Calls“.

The fear about calls has become almost a panic. Question with shareholder now, not what profits may accrue upon his investment, but, as a measure of the extent of his losses, what calls he may have to pay upon his shares. Z.B. City Offices Co. (Limited) possesses already an annual income of 26,000£ a year, which will increase. Concern well managed; and yet the £20 paid is worth only now £5 or 6. But these shares are of the nominal amount of £50 each.

Aus:
The Money Market Review, 20. April 1867. S. 479.
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The Directors of Overend, Gurney, and Co. (lim.)

Henry Edmund Gurney (Lombard Street); John Henry Gurney (St. James square and Norwich); Robert Birbeck Birkbeck (Lombardstreet) Henry Ford Barclay (Woodford, Essex); Thomas A. Gibb (Msrs T. A. Gibb et Co) (Old Broad Street) Harry G. Gordon (Chairman of the Oriental Bank Corporation); William Rennie (Mssrs Cavan, Lubbock et Co., Leadenhallstreet.) (This list given in the Co’s Prospectus, published end of July, 1865)

Aus:
The Money Market Review, 20. April 1867. S. 481.
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The Bears of Bank Shares.

Leman’s Leeman’s bill will probably break up entirely the trade of panic-mongering so far as this particular branch is concerned. (Daily News)

Inhalt:

  • London. 1868.
  • 1866 „The Economist“ (Jahrgang 1866) vol. XXIV.
  • The Social Economist, 1. Oktober 1868
  • „The Economist“ (Jahrgang 1866) (Fortsetzung)
  • Jahrgang 1867.
  • Register der obigen Auszüge aus dem Economist für 1866 und 1867.
  • The „Money Market Review“. Jahrgang 1866.
  • The Money Market Review. Jahrgang 1867.
  • Register Money Market Review Jahrgänge 1866 und 1867