 |
Late 1636 - 'Tulipomania' in Holland, led to
classic market collapse; prices of Switsers bulbs (one example)
rose 12-fold January 1, 1637 to February 3 peak at 1,500
guilders a pound (about four years’ income for a master
carpenter; modest house in Haarlem cost about 1,000 guilders);
February 1637 - prices fell by about 90 per cent.
1711 -
Incorporation of South Sea Company, in London.
1720 - South
Sea Bubble, a stock-market crash on Exchange Alley – government
assumes control of National Debt.
Panic of 1792
('bancomania')- Wall Street’s first crash; securities prices
lost nearly a quarter of their value in two weeks; William Duer,
son of very successful West Indian planter, New York speculator
in 1780s in land and federal debt securities, appointed by
Alexander Hamilton in 1789 as Assistant Secretary of the
Treasury under new federal government, well-connected
businessman; April 1790
- forced to resign from Treasury for trading on inside
information of Treasury funding plans for Continental debt;
1791 - began
'speculative trading' partnership with Alexander Macomb (Duer's
trading skill, Macomb's money);
July 4, 1791 - 25,000 shares of Bank of the
United States sold in 2 hours; price rose from $24 to
$325/share; bought Bank of New York stock in anticipation of
takeover by Bank of the United States (hoped that bank
withdrawals would force its sale); simultaneously shorted BNY
stock for his own account; organized private equity fund, "Six
Percent Club", to corner market in 6% government bonds for
resale at higher prices to foreign investors; formed "The
Million Bank" (went public January 16, 1792, ten times
oversubscribed); late January 1792
- 'banocmania' speculative frenzy; 'bear' speculative group,
against Duer, formed by Brockholst
Livingston, Edward Livingston, Andrew Cragie - sold bank
stocks, government securities to Duer, cornered New York's gold
and silver, withdrew specie from banks, drove share prices down,
forced banks to call loans; credit squeezed, rates as high as
1%/day; Bank of New York stopped lending to speculators; share
prices began five week decline; forced Duer to sell stock to
meet lenders' calls; drove stock prices down further;
March 9, 1792 -
Duer defaulted on several million dollars in obligations (jailed
on March 23, 1792; called "King of the Alley" by Thomas
Jefferson); financial panic began; Alexander Hamilton, Secretary
of the Treasury, intervened to restore confidence in banking
system - authorized purchase of $150,000 in government
securities, urged banks not to call loans and to extend credit
to other banks, accelerated accounts receivable by reducing
importers' terms to 45-days, announced loan from Holland,
assured public of sound condition of U. S. Treasury; almost no
economic fallout for US economy; led directly to more effective
securities trading and clearing systems;
April 1792 - financial markets
stabilized (no bank failure until 1809, no financial-systemic
crisis until 1819); 1820 - U.S. financial system (product per
person) surpassed England.
 William
Duer
(http://gwpapers.virginia.edu/documents/revolution/duer/images/portrait2.jpg)
October 12, 1837 - To quell
Panic of 1837 (expansion and over-extended credit) House
sanctioned use of Treasury notes, provided that they didn't
exceed $10 million; Congress's efforts to stabilize nation's
currency failed to lift the depression, continued to plague country for next seven years.
August 24, 1857
(-1859) - Failure of New York
branch of the Ohio Life Insurance and Trust Company (had loaned
$5 million to railroad builders, had been swindled out of
millions by the manager of its New York branch, unable to pay
extensive debt to Eastern bankers) = catalyst for Panic of 1857:
European demand for American grain crops fell drastically (end
of the Crimean War reopened Western European markets to Russian
grains); bumper crops produced glut of agricultural goods (lower
prices, less profit for American farmers, inability to pay debt
to Eastern merchants and bankers); United States ran a trade
imbalance with foreign nations (gold was being drained from the
country); banks raised interest rates (desperately sought to
build up their gold reserves - fell by $20 million by
mid-September, worsened when the steamer Central America, with
$1.6 million in gold and 400 passengers, was lost at sea in a
hurricane); much of the investment in railroads and land was
speculative (credit-based, not expected to be profitable for
years); by December - 4,923 businesses closed, loss from
business failures in New York City alone was $120 million;
economic repercussions spread to Europe and South America,
immigration to the United States dropped substantially; low
tariffs sustained South's cotton trade with Europe and its
overall economy ( widened existing gap between the economic
interests of the North and South).
September
24, 1869
-
"Black Friday" crash of gold prices as Grant administration
foiled attempts by financiers Jay Gould and James Fisk try to
corner the gold market; price of gold rose to $160 - $162
(Gould and Fisk thought it would break $200 per ounce); Treasury
Secretary George Boutwell realized what the speculators were up
to, and that the federal government should increase its gold
sales to stabilize the market, or risk devaluing greenbacks,
government bonds, and American credit; sent a telegram to
assistant treasury secretary Daniel Butterfield (in charge of
gold sales) in New York to sell $4 million in gold and buy $4
million in bonds; effect =
premium over face value
on a gold Double Eagle fell from 62% to 35%,
gold fell to $133 within a
few minutes; stock prices fell 20%; export agricultural
product prices (mainly grain crops) fell over 50%; several
brokerage firms went bankrupt; national economy severely
disrupted for months.
September 18, 1873 - Panic of 1873 began
with closing of Jay Cooke and Co., one of the country's most
reputable brokerage houses (formed January 1, 1861, known as the
"financier of the Civil War", raised more than $3 billion
dollars for the federal government's war effort through various
loans and sale of government bonds; following the war, Cooke
invested in numerous additional industries - coal and iron
mining, life insurance, railroads; played a major role in
financing expansion of the Northern Pacific Company to build a
transcontinental railroad). Decision to fund a second
transcontinental railroad line proved disastrous, resulted in
bankruptcy - 37 banks and two brokerage houses closed their
doors on this day.
September 20, 1873 - The Panic of 1873,
triggered by overspeculation, continued to wreak havoc on the
nation's economy. The New York Stock Exchange closed for ten
days to wait out the worst of the crisis. The secretary of the
Treasury pumped $26 million of new currency into the economy,
swelled the amount of paper money in circulation to $382
million. Panic did not subside, economy continued its slump
through the end of the decade.
May 5, 1893 - Panic hit the New York
Stock Exchange and the stock market crashed; by year's end, the
country was in a severe depression.
June 27, 1893
- The New York stock market crashed.
November 9, 1903
- Panic of 1903 (known as the "Rich Man's Panic") reached its
low; Dow dropped to 42.15; stocks of industrial companies fell
to single-digit prices; fiscal crisis dragged on for the rest of
the year, took severe toll on banks, many steel and iron
producers.
October 1, 1907
- The nation plunged into the Panic of 1907 (lasted until
fall of 1908); run on the Knickerbocker Trust in New York, which
lacked resources to pay out to the demanding public, ultimately
toppled the economy; President Roosevelt enlisted the aid of his
one-time enemy, financier J.P. Morgan, who capitalized on his
considerable reputation to borrow $1 million in gold from
European countries. Outside U. S. Subtreasury building at Wall
and Broad St. in October 1907 (below).
(source:
http://media.npr.org/programs/atc/features/2007/aug/panic540.jpg)
October 24, 1929
- "Black Thursday: stock prices plummeted, a record 12,894,650
shares traded on the New York Stock Exchange (preview more
difficult times ahead for Wall Street).
October 29, 1929
- "Black Tuesday" descended upon the New York Stock Exchange;
16,410,030 shares traded on the New York Stock Exchange, prices
collapsed (from a peak reached in August 1929) amid panic
selling, thousands of investors wiped out as America's Great
Depression began; 1932 - stocks were worth only
about 20 percent of their value in the summer of 1929;
1933, nearly half of America's banks had failed, and
unemployment was approaching 15 million people, or 30% of
workfprce.
October 19, 1987 -
Stock market crashed as Dow Jones Industrial Average plunged 508
points, or 22.6%, in value - its biggest-ever percentage drop;
iblamed on nflation and rising interest rates, announcement of
surprisingly steep trade deficit, news of American attack
against Iran.
August 1995
- Netscape IPO; March 2000
- NASDAQ peaked above 5100 = period of dot.com bubble.
(http://www.lowrisk.com/image/crash-tops.gif)
September
2008 - Wall Street in crisis
(http://sg.wsj.net/public/resources/images/P1-AM923A_LEHMA_NS_20080914192838.gif)
(1929), Compiled by J.R. Levien (1966).
Anatomy of a Crash, 1929. (New York, NY: Traders Press,
121 p.). New York Stock Exchange; Depressions--1929--U.S.; Stock
Market Crash, 1929.
(1929), Barrie A. Wigmore (1985).
The Crash and Its Aftermath: A History of Securities Markets in
the United States, 1929-1933. (Westport, CT: Greenwood
Press, 731 p.). Stock exchanges--United States--History--20th
century; Depressions--1929--United States; Stock Market Crash,
1929.
(1929), Harold Bierman, Jr. (1991).
The Great Myths of 1929 and the Lessons to be Learned.
(New York, NY: Greenwood Press, 202 p.).
Depressions--1929--United States; Stock exchanges--United
States--History--20th century; Wall Street; Stock Market Crash,
1987.
(1929), John Kenneth Galbraith with a new introduction
by the author (1997).
The Great Crash, 1929. (Boston, MA: Houghton, Mifflin,
206 p. [orig. pub. 1955]). Academic. Stock Market Crash,
Depression. Causes, effects of legendary
crash of U.S. stock market in 1929: perilous speculation, record
trading volumes, assets bought to quickly flip (not to hold),
inaction of the government - no safety net for citizens, no
unemployment insurance, no Social Security.
(1929), Harold Bierman,
Jr. (1998).
The Causes of the 1929 Stock Market Crash: A Speculative Orgy or
a New Era? (Westport, CT: Greenwood Press, 162 p.).
Depressions--1929--United States; Stock exchanges--United
States--History--20th century; Wall Street--History--20th
century.
(1929), Maury Klein (2001).
Rainbow’s End: The Crash of 1929. (New York, NY: Oxford
University Press, 345 p.). Professor of History (University of
Rhode Island). New York Stock Exchange --History; Depressions
--1929; Depressions --1929 --United States; Stock Market Crash,
1929; United States --Economic conditions --1918-1945.
Story of
the stock market collapse (from two years leading up to
disaster) - vivid portrait of 1920s with intensely gripping
account of all Street's greatest catastrophe; world full of
plungers, powerful bankers, corporate titans, millionaire
brokers, buoyantly optimistic stock market bulls; how financial house of
cards gradually grew taller, irrational exuberance gripped America;
convergence of factors that shook Wall Street to its
foundations.
(1929), Selwyn Parker (2008).
The Great Crash: How the Stock Market Crash of 1929 Plunged the
World into Depression. (London, UK: Piatkus Books, 320
p.). Depressions--1929--U.S.; Stock Market Crash, 1929; Stock
exchanges--History--20th century; Wall Street--History--20th
century. Could it happen again?
(1929), Michael Perino (2010).
The Hellhound of Wall Street: How Ferdinand Pecora’s
Investigation of the Great Crash Forever Changed American
Finance. (New York, NY: Penguin, 352 p.). Dean George
W. Matheson Professor of Law at St. John's University School of
Law .Pecora, Ferdinand, 1882-; Stock Market Crash, 1929; Stock
exchanges --United States --History --20th century; Financial
crises --United States --History --20th century. 1933 -.
Ferdinand Pecora, Sicilian immigrant, former New York
prosecutor, appointed Chief Counsel to the U.S. Senate's
Committee on Banking and Currency, put Wall Street on trial for
Great Crash; turned hearings around, cross-examined officers of
National City Bank (today’s Citigroup), particularly Charles
Mitchell (Chairman); rigorous
questioning revealed that City Bank sold worthless bonds to
public, manipulated its stock price, paid excessive
compensation, bonuses to executives; spurred Congress to take
unprecedented steps to rein in freewheeling banking industry,
led directly to New Deal economic
reforms.
Ferdinand Pecora
-
(http://www.senate.gov/artandhistory/history/resources/graphic/xlarge/PecoraFerdinand.jpg)
(1987), Ruben J. Dunn and John H. Morris (1988).
The Crash Put Simply: October 1987. (New York, NY:
Praeger, 179 p.). Business cycles -- United States; Stock
exchanges -- United States. Translation of: Le Krach Demystifie.
(1987), Tim Metz (1988).
Black Monday: The Catastrophe of October 19, 1987 and Beyond.
(New York, NY: Morrow, 264 p.). New York Stock Exchange; Wall
Street; Speculation; Business cycles--United States; United
States--Economic conditions--1981-. The Crash of '87.
(1987), Avner Arbel and Albert E. Kaff (1989).
Crash : Ten Days in October-- Will It Strike Again?
(Chicago, IL: Longman Financial Services, 212 p.). Stock Market
Crash, 1987; Stocks--Prices.
(1987), Robert J. Barro et al. (1989).
Black Monday and the Future of Financial Markets.
(Homewood, IL: Dow Jones-Irwin, 396 p.). Stock Market Crash,
1987; Stocks--Prices.
(2000), Roger Lowenstein (2004).
Origins of the Crash: The Great Bubble and Its Undoing.
(New York, NY: Penguin Press, 288 p.). Business cycles--United
States--History--20th century; Stock exchanges--United
States--History--20th century; Bankruptcy--United
States--History--20th century; Stock Market Bubble, 1995-2000;
United States--Economic conditions--1971-1981; United
States--Economic conditions--1981-2001. Epidemic
of enterprise corruption in corporate America in 1990's;
executive overcompensation and stock options, irrationally
exuberant shareholders, friendly auditors, short-term focus by
financial professionals, overemphasis on shareholder value;
crash was natural consequence.
(Compagnie des Indes), Translated and edited
by Frank S. Fiske (1969). The Mississippi Bubble: A Memoir of
John Law; to Which Are Added Authentic Accounts of the Darien
Expedition, and the South Sea Scheme. (New York, NY:
Greenwood Press, 338 p. [orig. pub. 1859]). Law, John,
1671-1729; Compagnie des Indes; South Sea Company; New Caledonia
(Colony).
(South Sea Company), Virginia Cowles (1960).
The Great Swindle; The Story of the South Sea Bubble.
(New York, NY: Harper, 191 p.). South Sea Company.
(South Sea Company), John Carswell (1960).
The South Sea Bubble. (Stanford, CA: Stanford University
Press, 314 p.). South Sea Company.
(South Sea Company), Lewis Melville (1968).
The South Sea Bubble. (New York, NY: B. Franklin, 265 p.
[orig. pub. 1921]). South Sea Company; South Sea Bubble, Great
Britain, 1720.
(South Sea Company), Viscount Erleigh (1978).
The South Sea Bubble. (Westport, CT: Greenwood Press, 172
p. [orig. pub. 1933]). South Sea Company; South Sea Bubble,
Great Britain, 1720.
(South Sea Company), Malcolm Balen (2004).
The King, the Crook, and the Gambler: The True Story of the
South Sea Bubble and the Greatest Financial Scandal in History.
(New York, NY: Fourth Estate, 246 p. [orig. pub. 2002 under
title: A Very English Deceit]). Former Executive Editor (BBC
television), Head of News (ITV). South Sea Company--History;
Finance--Great Britain--History--18th century; Financial
crises--Great Britain--History--18th century; South Sea Bubble,
Great Britain, 1720.
(South Sea Company), Richard Dale (2004).
The First Crash: Lessons from the South Sea Bubble.
(Princeton, NJ: Princeton University Press, 192 p.). Emeritus
Professor of International Banking (Southampton University).
South Sea Company--History; South Sea Bubble, Great Britain,
1720; Financial crises--Great Britain--History--18th century;
Capital market--Great Britain--History--18th century;
Stocks--Prices--Great Britain--History--18th century.
(Tulip Mania), Mike Dash (1999).
Tulipomania: The Story of the World's Most Coveted Flower and
the Extraordinary Passions It Aroused. (New York, NY:
Crown Publishers, 273 p.). Tulip mania, 17th century;
Netherlands--History--17th century; Netherlands--Economic
conditions--17th century.
(Tulip Mania), Anne Goldgar (2007).
Tulipmania: Money, Honor, and Knowledge in the Dutch Golden Age.
(Chicago, IL: University of Chicago Press, 446 p.). Reader in
Early Modern History (King’s College, London). Tulip mania, 17th
century; Social values--Netherlands--History--17th century;
Netherlands--Social life and customs--17th century.;
Netherlands--Economic conditions--17th century;
Netherlands--Social conditions--17th century.
Cultural crisis: tulipmania;
reflected deep anxieties about transformation of Dutch society
in Golden Age; concerns of capitalism, loss of trust among
individuals in rapidly changing society.
Kenneth D. Ackerman (1988).
The Gold Ring: Jim Fisk, Jay Gould, and Black Friday, 1869.
(New York, NY: Dodd, Mead, 340 p.). Fisk, James, 1835-1872;
Gould, Jay, 1836-1892; Gold--Prices--United
States--History--19th century; Speculation--History--19th
century; Commodity exchanges--United States--History--19th
century.
Stefan Altorfer, Benedikt Koehler, Mark
Duckenfield (2006).
History of Financial Disasters 1763-1995. (London,
UK: Pickering & Chatto, 1200 p.). Economic History Department
(London School of Economics). Financial disasters; financial
crises; economic history. Volume 1: 1763-1840s, edited by
Stefan Altorfer (European Financial Crisis of 1763; European
Crisis of 1772-3; Assignat Inflation during the French
Revolution, 1789-97; Crisis of The Second Bank of the United
States, 1818-19; London Crisis of 1825; Panic in the US of 1837;
Railway Mania in the 1840s); Volume 2: 1850-1925, edited
by Benedikt Koehler (Ohio Life Crisis of 1857; Overend & Gurney,
1867-9; New York's Black Friday of 1869; Vienna Crash of 1873;
Crisis of 1907 that spawned the Federal Reserve Bank; German
Hyperinflation of the 1920s); Volume 3: 1929-1995, edited
by Mark Duckenfield (New York Stock Exchange Crash of 1929;
European Collapse and World Depression of 1931; Devaluation of
Sterling in 1967; US Stock Market Crash of 1987; Black
Wednesday, 1992; Mexican Peso Crisis, 1994).
Key economic and financial
turning points that have shaped western world.
Mathias Binswanger (1999).
Stock Markets, Speculative Bubbles and Economic Growth: New
Dimensions in the Co-Evolution of Real and Financial Markets.
(Northampton, MA: E. Elgar, 368 p.). Stocks; Stocks--Prices;
Speculation; Capital market.
Brendan Brown (2008).
Bubbles in Credit and Currency: How Hot Markets Cool Down.
(New York, NY: Palgrave Macmillan, 240 p.). International
Economist. Speculation; Investments; Stock exchanges; Markets.
How bubbles form, subsequently burst; concept of swings in
market temperature (extent of heterogeneity of opinion, soft
irrationality); importance of swings in credit markets.
Edward Chancellor (1999).
Devil Take the Hindmost: A History of Financial Speculation.
(New York, NY: Farrar, Straus & Giroux, 386 p.). Brit, formerly
of Lazard Brothers. Speculation--History.
Bernice Cohen (1997).
The Edge of Chaos: Financial Booms, Bubbles, Crashes and Chaos
(New York, NY: John Wiley & Sons, 392 p.). Financial Crises
Charles A. Collman (1968).
Our Mysterious Panics, 1830-1930; A Story of Events and the Men
Involved. (New York, NY: Greenwood Press, 310 p.
[Reprint 1930 ed.]). Depressions; Depressions--1929--United
States; Curiosities and wonders; Speculation; Wall Street.
Cedric B. Cowing (1965).
Populists, Plungers, and Progressives; A Social History of Stock
and Commodity Speculation, 1890-1936. (Princeton, NJ:
Princeton University Press, 299 p.). Stock exchanges--United
States; Investments--United States; Speculation.
Ed. Ross B. Emmett (2000).
Great Bubbles. (Brookfield, Vt.: Pickering & Chatto, 3
Volumes). South Sea Company--History; Compagnie des
Indes--History; Speculation--History; Finance--Great
Britain--History--18th century; South Sea Bubble, Great Britain,
1720; Tulip mania, 17th century.
Lawrance Lee Evans, Jr. (2003).
Why the Bubble Burst: US Stock Market Performance Since 1982.
(Northampton, MA: Edward Elgar, 237 p.). Stock exchanges --
United States -- History; Stocks -- United States -- History.
William W. Fowler (1968). Twenty Years of
Inside Life in Wall Street; or, Revelations of the Personal
Experience of a Speculator, Including Sketches of the Leading
Operators and Money Kings, the Great Rises and Panics, the
Mysteries of the Rings, Pools, and Corners, and How Fortunes are
Made and Lost on Change. (New York, NY: Greenwood Press, 576
p. [Reprint 1880 ed.]). Wall Street.
John Kenneth Galbraith (1993).
A Short History of Financial Euphoria. (New York, NY:
Whittle Books in association with Viking, 113 p.). Academic.
Speculation--Case studies.
Peter M. Garber (2000).
Famous First Bubbles: The Fundamentals of Early Manias.
(Cambridge, MA: MIT Press, 163 p.). Law, John, 1671-1729;
Compagnie des Indes--History; Speculation--History; Tulip mania,
17th century; South Sea Bubble, Great Britain, 1720.
Garet Garrett (1998).
Where the Money Grows and Anatomy of the Bubble. (New
York, NY: Wiley, 95 p. [orig. pub. 1911]). Wall Street;
Speculation.
Charles R. Geisst (2002).
Wheels of Fortune: The History of Speculation from Scandal to
Respectability. (Hoboken, NJ: Wiley, 368 p.). Professor
of Finance (Manhattan College School of Business). Financial
futures--United States--History; Speculation--United
States--History; Investments--United States--History.
Daniel Gross (2007).
Pop!: Why Bubbles Are Great for the Economy. (New York,
NY: Collins, 240 p.). "Moneybox" Columnist for Slate.
Investments; Stocks; Bull markets; Bear markets; Speculation;
Business cycles. Bubbles,
once generally seen as disastrous, have helped build commercial
infrastructures that have jump-started American growth.
Robert L. Heilbroner (1978).
Beyond Boom and Crash. (New York, NY: Norton, 111 p.).
Economic history--1945-; Capitalism; Business cycles;
Depressions.
Charles P. Kindleberger (2001).
Manias, Panics and Crashes: A History of Financial Crises.
(New York, NY: Wiley, 302 p. [4th ed.]). Financial crises;
Business cycles; Depressions.
Charles Mackay (2000).
Extraordinary Popular Delusions and the Madness of Crowds.
(Amherst, NY: Prometheus Books, 724 p. [orig. pub. 1852]).
Impostors and imposture; Swindlers and swindling;
Occultism--Early works to 1900; Delusions; Social psychology;
Investments--Psychological aspects; Stock
exchanges--Psychological aspects.
Maggie Mahar (2003).
Bull!: A History of the Boom, 1982-1999: What Drove the
Breakneck Market--and What Every Investor Needs To Know about
Financial Cycles. (New York, NY: HarperBusiness, 486
p.). Former Reporter (Barron's and Bloomberg). Wall
Street--History--20th century; Stock exchanges--United
States--History--20th century; Business cycles; Stock Market
Bubble, 1995-2000.
Michael J. Mandel (2000).
The Coming Internet Depression: Why the High-Tech Boom Will Go
Bust, Why the Crash Will Be Worse Than You Think, and How To
Prosper Afterwards. (New York, NY: Basic Books, 167 p.).
Economics Editor of 'Business Week'. Internet industry -- United
States; Depressions; Business forecasting -- United States;
United States -- Economic conditions -- 1981-.
Malcolm Ronald Laing Meason (1865). The
Bubbles of Finance. (London, UK: S. Low, Son, and Marston,
261 p.). Speculation; London--Commerce.
--- (1866). The Profits of Panics; Showing
How Financial Storms Arise, Who Make Money by Them, Who Are the
Losers, and Other Revelations of a City Man. (London, UK: S.
Low, son, and Marston, 108 p.). Panics.
Robert Menschel; foreword by William Safire
(2002).
Markets, Mobs & Mayhem: A Modern Look at the Madness of Crowds.
(Hoboken, NJ: Wiley, 226 p.). Former Partner (Goldman, Sachs &
Co.). Risk; Risk--Sociological aspects; Collective behavior;
Financial crises.
Charles R. Morris (1999).
Money, Greed and Risk: Why Financial Crashes and Crises Happen.
(New York, NY: Times Books, 297 p.). Financial crises--United
States--History; Stock exchanges--United States--History;
International finance.
R. H. Mottram (1929). History of Financial
Speculation. (Boston, MA: Little, Brown, 317 p.).
Speculation--History.
Alex Murray (1985).
Great Financial Disasters. (London, UK: Arthur Barker,
127 p.). Speculation--Case studies; Default (Finance)--Case
studies; Depression--Case studies.
Ellis Paxson Oberholtzer (1907).
Jay Cooke: Financier of the Civil War. (New York, NY: B.
Franklin, 2 vols. [Orig. pub. in 1907]). Panic of 1873.
Definitive biography of Jay Cooke (1821-1905).
Anthony B. Perkins and Michael C. Perkins
(1999).
The Internet Bubble: Inside the Overvalued World of High-Tech
Stocks--And What You Need To Know To Avoid the Coming Shakeout.
(New York, NY: HarperBusiness, 283 p.). Founding editors of The
Red Herring. Internet industry -- Finance; Online information
services industry -- Finance.
Robert J. Shiller (2000).
Irrational Exuberance. (Princeton, NJ: Princeton
University Press, 296 p.). Stocks--United States; Stock
exchanges--United States; Stocks--Prices--United States; Risk;
Dow Jones industrial average.
Matthew Hale Smith (1972).
Bulls and Bears of New York: With the Crisis of 1873, and the
Cause. (Freeport, NY: Books for Libraries Press, 572 p.
[orig. pub. 1873]). Panic of 1873.
Robert Sobel (1974).
The Money Manias; The Eras of Great Speculation in America,
1770-1970. (New York, NY: Weybright & Talley, 397 p.).
Speculation--History; Investments--United States--History.
--- (1988).
Panic on Wall Street : A Classic History of America's Financial
Disasters with a New Exploration of the Crash of 1987.
(New York, NY: Dutton, 531 p.). New York Stock
Exchange--History; Financial crises--United States--History;
Stock Market Crash, 1987.
Didier Sornette (2002).
Why Stock Markets Crash: Critical Events in Complex Financial
Systems. (Princeton, NJ: Princeton University Press, 421
p.). Professor of Geophysics (UCLA) - Specializes in the
Scientific Prediction of Catastrophes. Financial
crises--History; Stocks--Prices--History; Financial
crises--United States--History; Stock exchanges--United
States--History; Critical phenomena (Physics); Complexity
(Philosophy).
John Train (1985).
Famous Financial Fiascos. (New Yofrk, NY: C.N. Potter,
112 p.). Speculation--History; Finance--History; Swindlers and
swindling--History.
Stephen Vines (2003).
Market Panic: Wild Gyrations, Risk and Opportunity in Stock
Markets. (London, UK: Profile, 266 p.). Deputy Business
Editor of The Observer. Financial crises.
John M. Waggoner (1991).
Money Madness: Strange Manias and Extraordinary Schemes on and
off Wall Street. (Homewood, IL: Business One Irwin, 177
p.). Investments -- United States -- History; Speculation --
History.
Robert Irving Warshow (1932). Bet-a-Million
Gates, The Story of a Plunger. (New York, NY: Greenberg, 187
p.). Gates, John Warne, 1855-1911.
Ed. Eugene N. White (1990).
Crashes and Panics: The Lessons from History. (Homewood,
IL: Dow Jones-Irwin, 260 p.). Depressions -- History --
Congresses; Business cycles -- History -- Congresses.
Eugene N. White (1996).
Stock Market Crashes and Speculative Manias.
(Brookfield, VT: Edward Elgar Pub., 564 p.).
Stocks--Prices--History; Financial crises--History; Financial
crises--United States--History.
Christopher Wood (1989).
Boom and Bust: The Rise and Fall of the World's Financial
Markets. (New York, NY: Atheneum, 197 p.). Business
cycles--History--20th century; Economic history--1971-1990;
Finance--History--20th century; Stock Market Crash, 1987.
--- (1992).
The Bubble Economy: Japan's Extraordinary Speculative Boom of
the '80s and the Dramatic Bust of the '90s. (New York,
NY: Atlantic Monthly Press, 210 p.). Stocks--Prices--Japan;
Speculation; Stock exchanges--Japan; Financial crises--Japan;
International finance; Japan--Economic conditions--1945-1989;
Japan--Economic conditions--1989-.
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Business History Links
Economic Events
Looking Back at the
Crash of '29
http://www.nytimes.com/library/financial/index-1929-crash.html
Special feature from 1999 recounting the history of the U.S.
stock market crash in October 1929. Provides images of The New
York Times front page and archived articles from the time
period. From the website for The New York Times.
Financial Crises
Sunk in Lucre's Sordid Charms: South Sea
Bubble Resources in the Kress
http://www.library.hbs.edu/hc/ssb/
South Sea Bubble refers to a "complex network of intersecting
financial, legal, political, and cultural factors" which
contributed to the total collapse of the South Sea Company in
1720, which led to a massive series of financial catastrophes.
Visitors can click on the "What is the South Sea Bubble?" to
learn a more about the basic outline of the history of this
financial collapse, then move to the actual collection of items:
topical lists divide into headings such as "Commerce and Trade",
"Government and Politics", "Crime and Law", and "Finance". Each
contains complete bibliographical information. Visitors can also
click on the "List All Digital Content" link to find the items
that are currently available directly through this site. A
"Project Overview" provides a brief sketch of how this
collection was created.
Stock Market Crash [1929]
http://www.pbs.org/fmc/timeline/estockmktcrash.htm
Concise summary of the U.S. stock market crash of 1929,
including the events leading up to the crash and the effect of
the crash on the economy. Also includes links to interviews with
two history professors about the 1929 crash and related topics.
From the Public Broadcasting Service (PBS) special program "The
First Measured Century."
Charles Mackay
http://www.bibliomania.com/
Popular Delusions
Tulipmania
http://www.bulb.com/tulips/tulipmania.asp
The Great Commodity Crash of 1637
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