At this stage, California's gold production has stabilized, and the Crimean War, which once greatly stimulated American exports, and the crop failure in Europe have also ended. In June, The New York Herald wrote: "Our docks are full of boats, most of them have no jobs, and the fees for boats with jobs are pitifully low." At the same time, a newspaper in Boston also pointed out that the textile industry in New England is also in a painful situation-because there is no market demand, 6,000 cotton spinning machines can only be idle there.

To make matters worse, in summer and early autumn, funds often flow out of banks in new york, because in this season, farmers in the west will withdraw their deposits from local banks in order to pay for the harvest and repay the loans, thus forcing these banks to remit their funds in new york banks. So every August, new york's capital supply is very tight. In mid-August, The New York Herald wrote: "There are many shaky and eager stocks in the market, but there are no buyers and no demand."

/kloc-in August, 2009, Edwin C. Litchfield, president of Michigan Central Railway Company, resigned on the grounds that he "wanted to spend more time dealing with personal affairs". Even in 1857, such an excuse is widely regarded as another way of saying that the company is in big trouble. The shares of Michigan Central Railway Company were the first to fall, and affected by it, the shares of several other major railway companies also began to fall. On August 7th, the share price of Michigan Central Railway Company was $85. By August 29th, it was only $67. Ili Railway dropped from $34 to $265,438+0; The New York Central Railway dropped from 83 dollars to 74 dollars. Soon, the Michigan Central Railway was taken over by the state government.

On August 24th, the new york branch of Ohio Life Insurance Trust Company (actually a bank, although it doesn't look like a bank by name) closed its business and declared bankruptcy. A large number of frauds were quickly exposed, and the company's headquarters in Cincinnati soon announced that it would close its business. The stock price fell by 85% in four days, and its depositors lined up outside the bank, hoping to get back a little of their original deposits. A local newspaper quoted Davie Cooper Field, which was just published at that time, and wrote, "All they can do now is' wait for a miracle'."

Weak brokers and speculators on Wall Street began to go bankrupt. On August 27th, Jacob Little went bankrupt for the fourth time because he could not repay his debts, which was the last bankruptcy in his career. By September, weaker banks began to go bankrupt. On September 12, the market was hit hard again. The steamboat "Central America" was sunk by a hurricane off the Cape of Good Hope. All 400 passengers on board were killed, and the California gold loaded on board also sank, pointing directly to Wall Street.

Although the telegraph cable under the Atlantic Ocean was not laid and put into use until the next year (in fact, it could not work after only two weeks in the second year), the London and Paris markets soon knew the plight of the new york market, and the first real-world financial crisis broke out. When the Bank of England and the Bank of France began to protect their currencies, interest rates in the European market immediately soared. Therefore, European investors immediately withdrew their funds invested in American securities and bought safer domestic securities.

By the middle of 10, most banks in the United States and all major banks in new york stopped paying gold. In fact, these banks announced a holiday and suspended their business, while banks with relatively good operating conditions took advantage of this opportunity to increase their mint reserves and recover their loans in advance in an orderly manner. The worst of Wall Street has finally passed, and by 65438+February, banks can pay with coins again.

However, the impact of this crisis on New York's financial market is almost fatal. Half of the brokers in new york went bankrupt, and 985 new york businessmen went bankrupt, leaving a debt of 654.38+0.2 billion, which was an astronomical figure at that time. Just as it quickly appeared at the beginning, the short-lived mine exchange disappeared at a rapid speed, and the street trading place became an "empty city" without a figure. Even many powerful brokers who survived the panic of 1837 were crushed in this crisis. An important reason for this situation is that in the previous panic, they had other businesses besides securities brokerage, but in 1857, they had no other business.

After many brokers left the securities brokerage industry, the new york Stock Exchange, which has been operating like a closed club for many years, now has seats for sale, and some younger and more radical brokers have joined in. Such as Henry Cruise, Leonard Jerome, cornelius vanderbilt, Daniel Drew and August Schell. They will no longer be confined to the old family-run business on Wall Street, but will bring revolutionary changes to Wall Street. The ongoing civil war at that time provided unprecedented opportunities for these new forces on Wall Street. What happens here will be a living example of capitalism's "teeth and claws are covered with blood", and history is waiting to see what impact it will bring to the world.

The main cause of time events is directly related to the original cause.

1982 Mexican debt crisis/Taiwan Province AsiaInfo incident government misconduct/illegal operation.

Mexico announced a 90-day delay in repaying its foreign debts due. Asia-Africa Trust and Investment Company illegally speculates on real estate and stocks.

65438+September 0983 HK$ Landscape Government Run amok for British Hong Kong authorities/Non-intervention 0

1985 Shixin Incident in Taiwan Province Province 0 Illegal operation of the 10th Taipei Credit Cooperative to raise funds for real estate speculation! stock

1987 10 The stock market was in turmoil, the bubble economy burst, and the Dow Jones index plunged 508 points.

1988 Wenzhou's anti-meeting tide was over-speculative, and an anti-meeting case occurred.

199 1 Hong Kong/BCCHK Event 0 Illegal operation was ordered to close down by the government.

1994

Shen Taifu, the financial crime of Great Wall Company's fund-raising tide, was investigated for illegal fund-raising.

Mexican financial crisis, government misconduct, international financing impact

1995

2.23 Treasury bond futures events violated regulations, international securities companies violated regulations, and Treasury bond futures collapsed.

The financial supervision of Bahrain storm was weak, and Allison speculated that financial derivatives suffered huge losses.

Daiwa Storm's financial supervision is weak. Toshihide Iguchi caused Daiwa Bank to lose a huge amount of money in dollar bond investment.

1997

Romania's illegal fund-raising case, financial crime, pyramid scheme failure

Financial Crisis, Government Misconduct and Political Turbulence in Albania

Southeast Asian financial crisis, bubble economy burst, Soros fried Thai baht.