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2. (18001848)
1688 .
South Sea Company
1790-
:
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82
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106
109
128
130
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143
145
1825 .
1820-
1820-
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18261928 . 18291830 .
18341836 . 1837 .
18341836 .
1837 .
1837 .
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1819
1830-
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1840-
1825 19361837 .
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3. (18481873 .)
1850-
1857 .
1860-
18501860-
1850-
1851 1854 .
1857 .
1860-
1866 .
1860-
1850-
1850- Credit
Mobilier
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1857 .
1860- 1867 .
:
I .
1850-
1857 .
1860-
1866 . 1867
1857 .
1860-
: 18481873 .
1848 .
-
-
1860-
1860- 1870-
1873 .
1873
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18681869 .
1873
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4. Belle poque:
1882 .
1880-
1890 .
1890-
1900 .
19051907 .
1907 .
1913 .
:
401
415
424
433
437
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443
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458
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465
468
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476
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479
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1907 .
Knickerbocker Trust
Company
: Belle poque
1870-
1880-
1890-
1900 .
1900-
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-
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495
497
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503
504
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531
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5. :
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1914 .
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1920-
1920-
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19301931 .
1935 . 1938 .
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587
589
599
600
602
605
606
610
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615
618
626
627
632
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Present / R. Cameron, L. Neal. Oxford: Oxford University Press, 2002. . 220.
29
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, 13 23 ), (Crafts N. F.
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35
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48
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. 3 . . 2. .: - -. , 1959 / . .
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1897 . / . [
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132133.
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99
Michie R. The London Stock Exchange / R. Michie. Oxford: Oxford University Press,
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107
Casson M. A. Entrepreneurship in Britain, 18301900 / M. Casson, A. Godley // The
invention of enterprise: entrepreneurship from ancient Mesopotamia to modern times / Ed.
by David S. Landes, Joel Mokyr, and William J. Baumol. Princeton (New Jersey):
Princeton University Press, 2010. P. 214.
58
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(Berend I. An Economic History of Nineteenth Century Europe. Diversity and
Industrialization / I. Berend. Cambridge: Cambridge University Press, 2013. . 194).
110
-, : (Lamb C. The Africa House: The True Story of an English Gentleman
and His African Dream / C. Lamb. New York: Harper Perennial, 2005. 432 p.).
60
, .
1688 . , . ,
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, ,
( ) (Mokyr J. The Enlightened Economy. An
Economic History of Britain 17001850 / J. Mokyr. New Haven: Yale University Press,
2009. P. 228229, 231).
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Asher G. M. Henry Hudson, the Navigator: The Original Documents in Which His
Career Is Recorded. London: Cosimo Inc., 2009 P. 255.
129
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140
Balen M. The King, the Crook and the Gambler. The True Story of the South Sea
Bubble and the Greatest Financial Scandal in History / M. Balen. New York: Harper
Collins, 2002. . 112.
90
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25 ).
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. ,
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640 .
1000 .
.
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142
Harris R. The Bubble Act: Its Passage and its effect on Business Organizations // R.
Harris// Journal of Economic History. 1994. September. Vol. 54. 3. P. 622.
93
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(1695 . 1371 , 1698 . 2477).
East India Company 1698 . 1158, Royal African Company
737, Hudsn`s Bay Company 14 (Parkinson J. War, Peace and he Rise of the
London Stock Market / J. Parkinson // The Political Economy of Empire in the Early
Modern World / Ed. S. A. Reinert, P. Roge. L.: Palgrave Macmillan, 2013. P. 131
132).
145
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, Protestant Mercury, .
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151
Hancock D. Citizens of the world. London merchants and the integration of the British
Atlantic Community, 17351788 / D. Hancock. Cambridge: Cambridge University
Press, 1997. P. 258259.
152
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Murphy A. John Law: Economic Theorist and Policy-Maker / A. Murphy. Oxford:
Clarendon Press, 1997. . 201.
117
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025 . 1720 . 12 500
(Neal L. The rise of financial capitalism. International capital markets in the Age of Reason /
L. Neal. Cambridge: Cambridge University Press, 1990. P. 74).
118
(rentes). ,
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240 ., 29 2729 . 360
., 6 1720 . 200 . , , . 1719 . 30 . ,
(Carswell J. The South Sea Bubble / J. Carswell. London: Cresset Press, 1960.
P. 101).
119
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174
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- . 25 1720 . 100 .
180 . , . . 180 100 ( 1719 . 194 ),
(Hamilton E. John Law of Lauriston: Banker,
Gamester, Merchant, Chief / E. Hamilton // American Economic Review. 1967. Vol.
57. 2. P. 273276.)
175
. . // . . / . . . .: -, 2002. . 495.
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, . ,
.
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-
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185
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186
2 1805 ., 3 1810 ., 2 1815 ., 9
1820 ., 17 1825 ., 21 1830 ., 20 1835 ., 41 1840 ., 60 1845 . (Arbulu P. La
Bourse de Paris au XIXe sicle: efficience et performance d'un march financier mergent
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184
129
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188
Cassis Y. Capitals of Capital. A History of International Financial Centres, 17802005
/ Y. Cassis. Cambridge: Cambridge University Press, 2006. . 2425, 2930.
130
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189
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. .: , 1998. . 362.
190
. / . // . 2 . . 1. .: , 1990. .
688689.
191
, .
192
- (17561841), 17991814 . (Gaudin,
Martin-Michel-Charles (17561841) ministre des Finances, duc de Gate.
http://www.napoleon.org/fr/salle_lecture/biographies/files/gaudin_ministrefinances.asp).
132
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.). , . .
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(Branda P. Le prix de la gloire: Napolon et l'argent / P. Branda. Paris: Fayard, 2007.
. 383, 394395).
194
/
.
.
http://lib.ru/INPROZ/FLOBER/lexicon.txt_with-big-pictures.html.
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. 3,79 15,05, 19,23
27,26198.
197
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198
Branda P. Le prix de la gloire: Napolon et l'argent / P. Branda. Paris: Fayard, 2007.
. 462, 464, 468.
136
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http://lib.ru/TARLE/napoleon/part11.html.
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. .: , 1998. . 362.
137
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203.
VIII . .
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The Wealth of Nations205,
.
, . , .
203
. . / . . //
. .: , 1998. . 332.
204
1820 . . , .
205
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, 2007. 960 .
139
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1844 1845 .,
, 919
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140
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International Land Company, International Financial Society, General
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, , , , ,
206.
1825 . , 207.
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, 1830-
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, , .
. , .
,
206
1866 .,
Overend, Gurney & Company.
207
, ,
. (.
http://dic.academic.ru/dic.nsf/econ_dict/10850).
208
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141
,
.
, . ,
.
( 18501860- ).
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1800 .; - , 1816 ., , 1860 .), .
, (
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. 1862 . (Pereire) Credit Mobilier
.
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, , 1688 ., . (Bubble
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. ,
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. : 1)
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,
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143
,
).
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.
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. (Joint Stock Companies),
. ,
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.
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,
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209
144
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. 1817 . 300 .
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.
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.
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VII .
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. , , ( , )
.
213
Palmade G. P. French Capitalism in the Nineteenth Century / G. Palmade, G. Holmes.
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146
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, Alliance Insurance Company.
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, 1816 . ,
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,
Committee Report / Ed. E. Cannan. 1919/ (reprint General Books LLC, 2010). P.
XLIV.
220
(Ricardo D. The high price of bullion, a
proof of the depreciation of bank notes / D. Ricardo. L.: Harding & Wright, 1810.
56 p.).
221
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226
. Neal L. The
Financial Crisis of 1825 and the Restructuring of theBritish Financial System / L. Neal //
Federal Reserve Bank of St. Louise. Review. 1998. MayJune. P. 55, 56 (Figure 1).
http://research.stlouisfed.org/publications/review/98/05/9805ln.pdf. 1784 . 215% , 1815 222%, 1821 268% (Ferguson N. Cash Nexus. Money and
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. 124).
227
. / . . http://bookz.ru/authors/golsuorsidjon/saga8.html.
162
,
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163
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164
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167
The Parliamentary Debates from the Year 1803 to the Present Time [Ed. T, Hansard].
L.: T. Hansard & Pater Noster Press, 1826. Vol. XII (28. 02. 1825, 16. 03. 1825). P.
718, 1049; Vol. XVI. (5. 12. 1826). P. 244, 277.
168
, , 233.
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234.
, VIII , ,
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234
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. . http://lib.meta.ua/book/8126/.
235
,
1820- ( .
/ . . http://www.foxdesign.ru/aphorism/book/b_zap393.html).
236
Lewis W. A. Growth and Fluctuations, 18701913 / W. A. Lewis London: Allen &
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169
18241825 .,
1825 .237
, 1825 . (17701830) Bubble
Act, ,
1825 .
1820-
, , .
. Alliance Fire and
Insurance Company, ,
,
,
(Metropolitan Bath
Company) . . , .
,
, 1840- .238.
, . . American Colonial Steam Navigation Company, Colombian Pearl Fishery Association.
18241825 . 264
. 1825 .,
, 70 .
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170
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372 . 239 (
10
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, 25,3 . .
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Brothers ( ), Morryson, Cryder &
Co, 240.
239
171
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600 . . , 1870- Mercantile Bank of River Plate ( 1872
.), , .
1880 . , 1881 .
, River Plate Trust, Loan & Agency Co, Mercantile Bank of River Plate. 1895 .
20 0,5 (Dakers C. A
Genius for Money. Business, Art and the Morrisons / C. Dakers. New Haven: Yale
University Press, 2011. . 212, 214215).
172
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. 23 1822 ., 241
Sinclair D. Sir Gregor Macgreror and the Land that Never Was: The Extraordinary
Story of the Most Audacious Fraud in History / D. Sinclair. Cambridge, MA: Da Capo
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173
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.
.
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, 1824 .
174
78%,
30% . , -, . - 1824 . (Fodor G. The Boom that Never Was? Latin American
Loans in London 18221825 / G. Fodor // University of Trento, Italia. Department of
Economics Working Papers. 205. econpapers.repec.org/paper/trnutwpde/0205.htm.).
243
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182225 Loan Bubble. New Haven: Yale University Press, 1990. . 2628.
175
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245
Flandreau M. Bonds and Brands: Foundations of Sovereign Debt Markets, 18201830 /
M. Flandreau, J. Flores // Journal of Economic History. 2009. Vol. 69. 3. P.
646684.
177
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The Parliamentary Debates from the Year 1803 to the Present Time [Ed. T. Hansard].
L.: T. Hansard, 1826. Vol. XIV (21. 02. 1826). P. 644.
181
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The Parliamentary Debates from the Year 1803 to the Present Time [Ed. T. Hansard].
L.: T. Hansard, 1829. Vol. XI (1. 05. 1829). P. 972.
252
Times. 1926. 26 January.
253
. / . .
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olasa_niklbi/.
254
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1223 1825 . (Vialles P. La Consommation et les crises economiques /
Vialles P. Paris: V. Giard & E. Brire,1903. P. 260). 1815 1828 . 271 , 170
18221827 . ( . . . 3 . . 1. / . . . .: - -. -, 1959. .
345).
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. -. .: , , 1997.
. 110.
273
Mackay C. Extraordinary Popular Delusions And The Madness Of Crowds (1852) / C.
Mackay. N. Y.: Page & C, 1960. 656 .
274
Joint Stock Companies. First Report from the Committee. 1844. P. 342345.
275
, 1830- , 1830 1838
. 733 . . 2,5 18301831 .
6,1 18321833 ., 7,1 18341835 . 36,4 18361837 . 1837
. 8,5 (Porter G. R. The Progress of the Nation in Its
Various Social and Economic Relations from the Beginning of the Nineteenth Century /
G. R. Porter. London: John Murray 1851 P. 327).
192
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.
276
1836 .
1837 . 3040% (Bauniatian M. Geschichte der handelskrisen in
England im zusammenhang mit der entwicklung des englischen wirtschaftslebens / M.
Bauniatian. Munchen: E. Reinhardt, 1908. S. 294).
193
277
194
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50 .
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24%; 25%). .
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287
. - / . , . // . . 10. http://coollib.com/b/4710/read#t92.
198
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288
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289
Gordon J. An Empire of Wealth. The Epic History of Amertican Economic Power / J.
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, , ., Bank of the Manhattan Company, J. P. Morgan Chase. (Aaron Burr)
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201
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.
- 1792 .
24 ,
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( 0,25%)
.
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, 1830 31), . - 1830 ., (, ) ,
. 1848 . -
New York Stock Exchange
(NYSE).
1819
1819 .
,
18151818 .
203
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, 1833 . 3,9 , 1934 . 4,7
, 1835 . 12,6 , 1836 . 20,1 .
5,6 1837 . 1,2 1841 . (Guetter F. Statistical Tables Relating to
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298
18361837 . 235
, 10 (Forman S. The Rise of American
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206
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10 , 3 300.
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, , . 1837 .
, . , , .
300
Roberts A. America`s First Great Depression. Economic Crisis and Political Disorder
After the Panic of 1837 / A. Roberts. Ithaca: Cornell University Press, 2012. . 38.
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, , . ,
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-
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( 1846 . ).
304
, 1841 . -
( 1933 . Dun and
Bradstreet, ).
305
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306
, 18361846 . 30,4 40,7 , (
47%), 1,1 4,8 ( 336%); 1219
2032 ( 67%), 247 813 ( 229%)
211
.
1840- (
)
, 307.
, 1847 . ,
( , 1837 .). 1848 .
,
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, - 1846
1848 . ,
(, ,
). 1848 .
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.
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212
. 39
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1789 ., 17 ,
.
,
213
,
( , ).
, V V ( Gesellschaft
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1726 .
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, , .
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V , . , . , . (
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214
, ,
, 1825 . 58 . ,
1871 .,
.
.
, , 1802 .
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, , ,
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1825 19361837 .
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1825 .,
1826 .
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20,
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. 1834 . ,
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, 310. 1837 .
( , ,
, V ) ( . . // . . 3 . . 2. / . . .: , 2005. . 225226, 236).
310
1830 1837 . 50%, 21%, 19%. , . ,
215
, - .
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311. ,
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.
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216
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, 1840- . C 1837 1848 .
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1628 ).
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4080%315.
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, 34
.
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. - 1940- ,
. 18411842 .
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, ,
, ,
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.
V
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, , , , , ,
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,
.
319
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320
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219
, 1825 . . ,
. , . ,
. . 321.
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V .
- , .
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,
.
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. ,
,
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1800 1806 .324.
26,7 1793 . 91,8
1798 . 1807 . 500
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, ( 1799 100 -
, . - .
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92 , 1810 15 )326.
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. . , .
1847 .
(
18411842 .) 1844 . , 1847 . ,
.
,
,
1837 . ,
,
. 1830- ,
.
225
, .
( . free trade )
1840- , , 1850- 1860- . . , , :
. -
333.
, ,
(18391842),
.
, , ,
334.
333
. / . // .
. . . 21. https://www.marxists.org/russkij/marx/cw/t21.pdf.
334
18431845 . , 1820- ,
1830- , 1840- . 1845 1846 .
, ,
, , ,
(200350% ). 1844 , ,
16
, ,
1,75%, .
, 2% , . 1846 ., 16
, 9 . 56 . , , 21 ,
. ,
,
1845 .
1847 . 2,4%.
226
.
1840-
, , .
, , .
, 335.
1840- , . 1830- , 1837
. . 18251840 . 1300 ,
18411848 . 6900 .
. ,
.
1820 .,
, , Great Western, ,
. ,
,
. ,
335
,
, .
,
, , , , . , .
227
228
, 338.
,
1815 1860 . 75% ,
, . , ,
,
.
339.
.
, , 1844 .
(Joint Stock Companies) 340.
. 1831 .
Liverpool & Manchester 10% ,
. , , .
, 50% , . 10%
338
.: Anderson B. L.
Another Victorian Capital Market: A Study of Banking and Bank Investors on Merseyside
/ B. L. Anderson, P. L. Cottrell // The Economic History Review, New Series, Vol. 28,
4. (Nov., 1975). . 598615. http://www.jstor.org/pss/2599614.
339
V ., 1830- ,
. 1825 .
0,2 ; 1835 . 7,5 ; 1840 . 48,1 ;
1845 88,5 . (Michie R. The Global Securities Market. A History / R. Michie.
Oxford: Oxford University Press, 2006. . 74).
340
1849 66%
.
( .),
, , .
229
.
, .
, .
. , . 1836 . 57
,
28 . ,
,
, ,
. ,
, , .
, , , .
,
, ,
,
341.
, Liverpool &
Manchester Railway , , 1837 . , 1825 .,
. , , . , , 1837 .
.
.
341
230
2000 , .
1842 . , . ,
.
1840- , ,
. .
,
, 342.
,
, , ,
. 1840 .
, ,
Railway Times. 1845 ., ,
18 , ,
Railway Express, Railway Globe, Railway standard .
Economist 1845 . , . , ,
, .
, .
1843 . 343. . , 1844 1847 .
342
. ? (1856) / . // 30 . 28.
. .: . - , 1960.
http://lib.misto.kiev.ua/INPROZ/DIKKENS/d28.txt.
343
1837 ., 1847 .
47%, 67%, 23%,
13% 59% .
231
100 , , ,
10 344.
,
, , 1845 ., , 560 . ,
550 .
345. .
, , . 1825 1875 .
630 , , 346.
,
, 89%, ( 1844 .
,
3,25%).
, , 2234
1843 2690 1845 .
, 1836 1847 . 67%,
226%347.
344
Porter G. R. The Progress of the Nation in Its Various Social and Economic Relations
from the Beginning of the Nineteenth Century / G. R. Porter. London: John Murray 1851.
P. 359360.
345
Smith M. A History of the global stock market. From Ancient Rome to Silicon Valley /
. Smith. Chicago: University of Chicago Press, 2004. . 77.
346
Hall D. Fred Dibnahs Victorian Heroes / D. Hall. L.: Corgi Books, 2012. P. 163.
347
1836 1848 . 251 8203 , 2302
10917 , 6 4989 , 141 2207 , 255 1674 , 44 680 , 0 381 . (Sturmer
G. Geschichte der Eisenbahnen: Entwickelung und jetzige Gestaltung smmtlicher
232
1840- - ,
. ,
, , .
18451846 ,
, , . 1840-
,
, .
, ,
, , .
, ,
, .
10% . , .
( ,
, , ), . ,
, , 348. 1844 .
Eisenbahnnetze der Erde / G. Sturmer. Bromberg: H. Heyfelder, 1872. S. 5859, 90,
137138, 211). ,
. ( ) 18391847 . 42%
(Dieterici K. Handbuch der Statistik des preussischen Staates/ K. Dieterici. Berlin:
Mittner und Gohn. 1861. S. 450).
348
1827 1835 .
, 1836 . 29, 1845 120, 1846 272;
1847 170 ; ,
, 40 . 1844 .,
66, -
233
.
,
. ,
.
10% .
1844 . 220 , ( 66
).
. (10% ) ,
. ,
.
, . , , , , ,
. ,
( 80%
).
, , ,
. ,
, ,
.
, .
. , ,
, 5% 10%,
. , 1844 . , 21 . .
234
( ) - , .
1845 ., ,
(
) 500%.
( ) 349. ,
,
,
.
.
,
, .
, . , ,
.
1845 . .
.
- ,
.
. 349
10%
( ), York & Newcastle : 1845 . 20% (10%+10), 1846 . 20% (10+10%), 1847 . 20% (10+10%),
1848 . 14% (8+6%); London & North Western: 1845 . 0, 1946 . 20%
(10+10%), 1847 . 17% (9+8%), 1848 . 14% (7+7%); London & South Western
17% (8%+9%), 18% (9+9%), 18% (9+9%), 8% (8+0%); Great Western
16% (8%+8%), 16% (8+8%), 15% (8+7%), 13% (7+6%); Midland 13% (6%+7%),
14,38% (7,38+7%), 14% (7+7%), 13% (7+6%); Southern Eastern 10,25% (5%+5,25%),
11,5% (5,25+6,25%), 12,5% (6,25+6,25%), 11% (6,25+4,75%) (Lewin H. Railway Mania
and its Aftermath: 18451852 (being a sequel to Early British railways) / H. Lewin.
New York: A. M. Kelley, 1968. P. 365).
235
. 18431845
, 1846 . -
.
1846 .
350. , ,
.
,
.
1845 .
- , ,
, ,
. ,
,
.
1845 . ,
,
,
.
(
1112 1428),
350 700 ,
48 351.
, 350
Times. 1846. 16 Dec. ,
. .
, (Times. 1947. 5 Jan).
351
Smith A. The Bubble of the Age: Or, The Fallacies of Railway Investment, Railway
Accounts, and Railway Dividends / A. Smith. L.: Sherwood, Gilbert and Piper, 1848
. 20; Lewin H. Railway Mania and its Aftermath: 18451852 (being a sequel to Early
British railways) / H. Lewin. New York: A. M. Kelley, 1968. P. 116.
236
352
237
,
. ,
,
354.
1846 .
,
.
1847 . 60% , 1846 .
, .
1846 .
1846 . (
30 ).
,
. 13,6
1846 . 9,2 1847 .
( 2,4% 1845 . 3%, 4%)
1847 . 5%.
. 2 ,
10 24 1847 ., 15%
( 4,5 ).
8%, 1213% .
1847 . ,
1825 .,
355. .
354
238
1847
1847 .
, .
1847 .
, .
.
, 13 , , . , 356.
.
, 25 1847 .
8%. 15%.357 ,
.
150 , , . , , 10%,
88%.
358.
356
239
,
. ,
. ,
, , 359.
,
360.
(George Hudson, 18001871).
, ,
York & North Midland Railway
, . 1827
30 000 , .
. , , ,
- , 1842 .
York & North Midland Railway. ,
.
195 58, South Western 150 61, Midland 150 45, York and North
Midland 210 34 .
359
Times. 1847. 30 Oct.
360
, . 606 1846 .
803 1847 ., 1182 1848 . 905
1849 . 626 1850 . , , 270 1846 . 34 1849 .; ,
, 132 4 . , , , 188 . 36
. .
240
, ,
, . 1844 . , 30% ( 1000 ) .
,
.
, , . ,
, , .
,
. ,
,
, . 1844 1847 .
10% , ,
. , 1848 . 205 .
515 . , .. .
, .
,
, .
,
1844 ., 20% . 1844 ., (
),
2,5 ,
, .
1845 .
, 1848 ,
.
,
. , , , ,
-
241
, . 1849 . .
, , (
), ( 1 ) . , 600 . .
, .
1865 .,
. 1871 .,
200 .
361. Joint Stock Companies Act
(1844) Companies Clauses Consolidation Act (1845)
,
,
. . 1840-
, Deloitte & Co.,
Cooper Brothers & Co., Price, Waterhouse & Co., W. D. Peat & Co.
,
,
361
, XI
(Domesday Book, 1086 ), .
, ( audio ). 1720 . South Sea Company.
, (Jacob Sawbridge) Turner & Co.
, , (George Caswell)
. (Charles
Snell) , Turner &Co,
.
242
, .
18431847
., ,
18471848 . 1849 . (Railway Abandonment Act),
. , 70%
, ,
, .
,
,
, , ,
, 1849 .
.
362.
1852 . , ,
363 ,
. ,
, 362
1844 . , 25%
( 910 , 1844
1856 ., 219 ). ,
.
363
Times. 1847. 2 Dec.
243
.
25%, 6 ,
.
.
9,2 ,
30
364.
18441850 .
9792 , 1856 .
5597 (57%). 1850 . 85% ,
70%. 2% 810% ;
.
,
.
1840- 1847 .
1830-
,
(
), . 1838 . 1039
1 , 1,5
365.
, , . , , , , 18431846 . , 1847 .
, 1840- , 1842 . 364
244
,
,
.
, , , , , . , 366.
,
, 1846 . 5000 ,
1848 . 1628 .
. , 1848 .
2,5 ,
.
,
.
,
, 80 .
.
.
.
, . , .
, , ,
366
. 1848 1850 . // . , . .
. 2- . . 7. www.informaxinc.ru/lib/marx/07.html.
245
, 1844 1847 .
1,8 749 1329 .
, , . ,
.
,
.
,
.
25 30 300 . , . 1847 . (
Du Nord 400 000 )
.
, . . , 90% ,
367.
1847 . 30% 18331845 . ,
200 , , 300 ,
. 4%, 78%,
. .
. , -
.
, , .
,
, 367
, , , ( , ),
. ,
.
246
368.
, . ,
,
, 1847 . , .
1847 . - . ,
, .
- .
, Banque de
France 1846 . 1847 . 252 78
. ,
25 , ,
50
.
1847 . .
Caisse du
Commerce et de lIndustrie ,
. 5000.
, 24 1848
. . - . , 1847 . , ( ), , ,
, 1848 .
, .
. ,
368
. / . .
.: - ,1908. . 44.
247
,
, ,
369.
, , .
, . , ,
. ,
, .
,
. 50%.
. 1838 ., , , ,
1851 .
,
, .
1846 .
. ,
. 370.
369
370
248
1847 . 1520%,
25% .
, 1846 . , ,
.
, ,
, 371.
18451846 . 1847 . . 1848
. , 1848 .
, , . , , , 1848 . , .
1848 . .
, , , , .
. , ,
, .
, 372.
,
, .
, , . , , . 1847 .
371
249
, .
, 1847 .,
, , , , , , , ,
, , , , , , , . , , , , -, ,
.
.
1840- , ,
373. 1822 ., Sciete Generale de Belgique 1835 1838 31
100 . . Banque de
Belgique ( 1835 .) 24 54 . 374.
,
1840- , . 1847 ., .
,
1840-
. 1840- ,
.
373
1830 . ( 1814 . , 1814 1830 . ). , ( , , )
.
374
Cameron R. A Concise Economic History of the World: From Paleolithic Times to the
Present / R. Cameron, L. Neal. Oxford: Oxford University Press, 2002. P. 229231.
250
, (
fancies) , . 1847 . , .
Erie Railroad ,
, 375. , - ,
, 1847 .
1848 , , , , , 1847 ,
, .
1847 .
1847 . (
1825 . 1837 .) ,
. 1825 . ,
.
, . .
1837 ., , .
1847 .
, ,
, . , ( , 375
, . 1860- , , , (
) , ,
.
251
) , . 1847 .
,
. . ,
. ,
, . , ,
. :
, 376.
, . , .
, , . , , ,
.
, . , , ,
,
.
.
. .
, 377.
376
. // .,
. . . 7. . 250251. http://www.informaxinc.ru/lib/marx/07.html.
377
38 1830 . 260 1841 ., .
252
,
. , , ,
.
, , , . ,
. , , -, .
, , , 378. , ,
. ,
,
.
.
,
, .
,
, ,
379.
1830- , , -
378
253
.
,
.,
. ,
(, , -, .),
, - , .
1820- ( , ),
.
, ,
1840- .
. , ,
. , ,
, , 1865 . 2000 . , , , .
.
380. ,
.
380
1861 .
, 100 1000 10% (2 .
20,1 .). 1000
0,25% (50 . ).
45 ( .
/ . . .: - , 2011. . 150151).
254
, 381.
.
.,
.
( 1840- , 1880- )
. . .
10 (1825, 1837, 1847 .)
(18251826; 18371838; 18461847 .)
. , , , .
381
, 1841 ., ,
44 . , 1861 67 ., 1871 119 . (
, . 151).
255
(18481873 .)
1873 . ,
. , ,
, citoyen du monde
, .
, ,
, .
- , 1860
382. ,
( ),
, , .
1880 .
, , 6,8
.
, ,
382
, 1848 . III
. , ,
.
30% 15%, .
256
,
. ,
. , .
1850-
1850-
,
,
.
, .
6% , , .
; 1860- . 1950- , 1857 , 383. , 1850- , ,
. 384. ,
383
1850 1860 .
38,6 . 108 . , 15,1 .
53,9 . ; 23,5 . 51,9 . .
66,6% , 92,1% , 97,5% , 117,3%
; 62,7; 39,9; 144,3 152,4%
( . . /
. . . .: . - , 1954. . 103, 106).
384
1847 1857 . 52%, 156%, 123%, 52%; 83% ,
10% , 130% , 68% , 21% .
257
,
1840- 13% 1850-
.
, .
1851 . ( 14 ), 1855 . (24
. ), 1862 . (29 . ), 1867 .
(50 . )385.
1857 .
1857 ., ,
, , , . ,
,
. 386. ,
, 36 387.
1857 . 700 103% , 85% , 98% , 113%
, 15% .
12,6 1847 . 38,2 1853 . (Porter G.
R. The Progress of the Nation in Its Various Social and Economic Relations from the
Beginning of the Nineteenth Century / G. R. Porter. London: John Murray 1851. 360,
363. Statistical abstract for the United Kingdom in each of the last fifteen years, from
1853 to 1867. L.: Great Britain Parliament. House of Commons, 1868. P. 54).
385
Carandini G. Racconti della civita capitalista. Dalla Venezia del 1200 al mondo del
1939 / Carandini G. Roma: Laterza, 2012. . 348349.
386
Evans D. M. Commercial Crisis, 184748 / D. Morier Evans. London: Letts, Son &
Steer, 1848. . 38.
387
; , , , . ., , , , ... , (
. 1858. 19. 3 .).
258
. , , ,
, . 1857 . ,
... ...
388.
18571858 . , , . 1857 . . , . ...
.
; ,
,
... ;
, ;
, 389.
1857 .,
, .
1825 . ,
, , 1857 .
. 1857 . ,
, .
, ... , ,
, ...
-
388
259
,
, 390.
, . ( 1850- )
. 1850- ,
Credit Mobilier, . , ,
( , )
.
1860-
1860 .
. ,
, .
,
.
1860- ,
, ,
1850- 391. ,
. (
, )
, ( 200 1847 .
390
, . 1858, . . 221222.
75 .
, 22,4 . ; 7,6; 8,2;
6,7; 3,9.
391
260
Commerce and Industry: Tables of statistics for the British Empire from 1815. Edited
by William Page. L.: Constable and Co., Ltd., 1919. P. 170.
393
ubner O. Jahrbuch fur Volkswirtschaft und Statistik / O. ubner. Leipzig: H.
Hubner Verlag, 1857. S. 84.
394
( 3,0 . 1938 . 10,2
. 1848 . 43,0 . 1858 . (
, 1840-
(Sturmer G. Geschichte der Eisenbahnen: Entwickelung und jetzige
Gestaltung smmtlicher Eisenbahnnetze der Erde / G. Sturmer. Bromberg: H. Heyfelder,
1872. S. 59, 90, 125, 149, 211).
395
The Economist. 1866. 1 Sept. P. 1027.
261
Credit Mobilier Bank fur Handel und Industrie , . Credit Mobilier,
-, , , .
.
1850- ,
, ,
. , , , , - .
, - , . , , ;
. 300 ,
1850- , .
.
,
,
. 1850-
, .
1850- 1860-
,
,
.
262
, , , Credit Mobilier.
, , , , .
,
, .
18 43 .
18511857 . 824
1416, 445 684 ;
, 9 29; 8 . -
Banque de France , 1,8 5,6
396.
,
. ., ,
,
.
... -
... 397.
,
,
. ,
. . ,
.
396
263
,
, .
, . 1854 . 23 . , 1857 .
100 . . 10 . 900 . 398.
, , 100 , 400 . 399.
, ,
400.
.
,
. ...
... ,
,
, , , , , 401.
. ( ,
).
, . I ; .
398
Evans D. M. The History of the Commercial Crisis 1857 1858 and the Stock
Exchange Panic of 1859 / D. M. Evans. L.: Groombridge, 1859. P. 7374.
399
Revue Contemporaine. 1858. 2 serie, T II. P. 555.
400
The Times. 1858. 15 Jan.
401
The Times. 1866. 14 May.
264
.
.
.
.
402, . .
. , , .
, .
, , ! , , , , , , 403.
18501860-
(, 1870 )
,
. . 1850- 1860-
,
.
( ) , , .
402
I . ( 3% 2,75% 1899 .
2,5% 1903 .; , ,
4,5% 3,7% 1903 .) (Homer S. A. A History of Interest Rates / S.
Homer, A. Sylla. New Brunswick: Rutgers University Press, 1996. P. 192).
403
. .
http://www.aai.ee/~vladislav/poesia/index1.html?http://www.aai.ee/~vladislav/poesia/rus/
copies/poets/Blok_Kov.html.
265
Standage T. The Victorian Internet: The Remarcable Story of the Telegraph and the
Nineteenth Century`s On-Line Pioneers / T. Standage. N.Y.: Walker and Co, 1998.
P.VIII.
405
(51,2%), (15,15%) (Wenzlhuemer R.
Connecting the Nineteenth-Century World: The Telegraph and Globalization / R.
Wenzlhuemer. Cambridge: Cambridge University Press, 2013. . 262).
266
,
. 1873 . -
L`Economiste Francais.
, . 1856 .
Manuel des Fonds publics et des societes par
actions, , .
( 1883 .
). 1863 . The Economist
Investors Monthly
Manual.
, ,
.
, ( , .)
.
, , (, , ), , , , , . ,
, ,
,
.
267
(18371901)
. , 406.
,
, . , ,
,
407.
, ,
.
- .
18501870-
,
I .
,
. 1846 . ,
1853 . ; 10% 408. 1850-
406
. . . 1 (19111914). www.onisland.net/History/Churchill/WorldCrisis/WWC_book_1.htm.
407
, : ! :
; . ?
-, , . ( . / . . . 3. http://ilibrary.ru/text/475/p.1/index.html).
408
1846 .
, 1852 . . 1852 .
268
18571860 . 20% ,
18471857 . 40%409.
,
410, , .
, 1848 1873 . . 2,5% (
I . 1,52%).
1,2% ,
3,5%411.
,
( 1848 .) ,
, ,
.
. ,
, .
412.
(20% 1850 ., 25% 1825 .).
( , , , ).
, 1860 .
, .
409
Mulhall M. The Dictionary of Statistics / M. Mulhall. L.: Routledge, 1909. P. 369.
410
I
, , 1869 .
. , ( 113 29 ), ( . / . . .: , 2010. . 198, 201).
411
Bairoch P. Europes Gross National Product: 18001975 / P. Bairoch // Journal of
European Economic History. 1976. 5. . 288.
412
. . . 4. . 4 / . . : , 2012. . 8384.
269
, , -, ,
, .
, .
.
, (
,
, ),
,
.
413. ,
1840- , 18501857 .
( ). ,
1840- 1850-
40% . , .
, , 18511856
., 414.
, .
, ,
413
270
. ( )
.
( ),
I .
,
,
, , .
.
, -.
415.
,
, . ,
1851 .416, . . ,
, , , .
, , .
. 415
. . . 1 (19111914). www.onisland.net/History/Churchill/WorldCrisis/WWC_book_1.htm.
416
Ferguson N. The House of Rotschild. Vol. 2 / N. Ferguson. N. Y.: Penguin Books,
2000. P. 65.
271
,
1820- , .
, , ,
. ,
. , , . .
,
, . ,
, ,
( ) ,
, 417.
, . 18481849 .
, , , ,
.
18711872 . -
- 18701871 . 1871
., .
120 (
13 ).
,
; ,
, 418. -
417
King W. History of the London Discount Market / W. King. L.: George Routledge &
sons, 1936. P. 264.
418
. . 1859 // . .
: 15 . .: ,
1949. . 6: . 155187.
272
419
420.
1855 . 409 1186 ,
421.
, . ,
. (Joint Stock Banks)422.
(Merchant Banks)423.
Baring Brothers. (Colonial
Banks)424. (Private Banks)425
Glyn, Mills, Currie & Co.
(Discont House)426.
, .
419
273
. (Clearing Banks) . () . (merchant banks) ,
.
1870 ,
,
, ,
427,
. ,
( ) ,
. ,
428.
( ),
, .
, 1826 1833 .,
.
,
429.
427
274
, , . , ,
(accepting houses).
, 430.
1850-
1847 . . .
,
. , , . ; 431.
18481849 .
, . ,
?
,
.
. 19011904 ., Lloyds Bank
26,3% , Union of London and Smiths Bank 25,4%, London Joint Stock
Bank 16,9%, Midland Bank 15,8%, National Provincial Bank 10% (Cassis Y.
City Bankers, 18901914 / Y. Cassis. Cambridge: Cambridge University Press, 1994.
. 20, 47, 70).
430
1914 .
Kleinwort, Sons & Co ( 4,431 , 13,6
), J. Henry Schroder & Co (3,0 11,6 ), Baring Brothers
& Co (1,125 6,6 ) .
431
. 1848 1850 . / . .
https://www.marxists.org/russkij/marx/1850/class_struggles_france/04.htm.
275
1848 . 1851 .
.
, , ,
, . ,
, ,
.
.
1848 .
,
, .
;
, 432. 1849 . , 433.
1848 .
,
. 1850 . . , .
434.
, ,
.
432
. // . , . . . . .
7. . 454. http://www.informaxinc.ru/lib/marx/07.html.
433
, 1840
1850 . 45% ( 10 14,5 ), 1850 1860 . 85%
( 14,5 26,8 ) (Scherzer K. Das Wirtschaftliche Leben der Volker / K.
Scherzer. Leipzig: A. Drr, 1885. S. 638).
434
815% 1847 . 2,53% 1848 . 1,752,5%
1849 . ( . . (18211938 .) / . . .
.: - , 1939. . 509).
276
435 1855 .
,
National Debt Office , , 30 . , . ,
, .
1855 .
, , 436.
.
1846 . 200 1848 . 20 ,
437. , .
,
. ,
. , , .
435
277
1850- , , ,
.
18471857 . 300
350 ( 125 )438.
,
, . ,
, 1830-
1840- .
1851 1854 .
1850- ,
. , . 1853 994 , 1850- 4409, 3084 ,
18561857 .
1850- ,
, 1857 ., 1851 . 18541855 .
, 27%,
59%. 1854 . , ,
. 438
,
, , , ( 18471857 . 1,7 ,
800900 . . 1847 1857 .
1,3 3,9 (Commerce and
Industry: Tables of statistics for the British Empire from 1815. Edited by William Page.
L.: Constable and Co., Ltd., 1919. P. 137, 170).
278
, , .
,
,
1853 .,
, , 1854 . .
, .
, 1856 .
20 . . 1855 .
,
1856 . ,
.
1847 . 79% , 6% 7% . ,
1856 .
. ,
. , .
, , . . 1856 . , . ,
( ).
,
. , , , .
,
. , .
279
1857 .
, 1857
, , , .
-,
1857 . 18571858 . . . , ,
. ,
. , .
-
439.
,
. . , , , , . (Liverpool Borough Bank , Western Bank
of Scotland , City of Glasgow Bank, Northumberland and
Durham District Bank .).
, ,
.
8 9 5,5 10%. 10% ,
. 11,2
18 6,7 11 , ( 1847 .) , .
.
, Borough
439
., . / . , . . [2 .]. .
29. library.rksmb.org/text/kmfe-pss-t29.pdf.
280
Bank . 9 Western
Bank of Scotland, . , ,
; , , . , , .
, . 12
8 .
,
, ,
13 :
, 1949
, 440,
441.
, (
Royal British Bank, ). , , 250300 , 80 . ,
1857 .
, 1847 .
1857 .
, . ,
...
, 442.
440
., . / . , . . [2 .]. .
29. library.rksmb.org/text/kmfe-pss-t29.pdf.
441
, 1858 , ,
. 1859 . . , 18571858
. ,
, ,
, .
442
, ... , , . ,
, , -
281
1860-
1857 ., 1858 .
. . ;
. , , , 443.
, 1860
.
1857 . .
1850-
(Company Act 1862 .)
. ( 1856 1868 .) 6994 ,
5321 . ,
,
.
20% .
18651867 .
1859 . 1866 .
534 .
,
( 1860 . 145 , 1876 . 252
). 30% ,
, , ,
. ,
,
(New York Daily Tribune. 1857. 15 Dec.).
443
. // ., . . 2- . . XI.
. II. . 114.
282
, .
, 75 18151830 . 120165
18301854 . 260 18601867 .
1866 . 444, .
, (, ) 646
1851 . 814 1864 . 961
1867 .445
. , 1830- 1850-
, 1860 .
, .
, . 18601869 . ,
,
(60,0 ), (47,2 ),
(27,2 ), , ( 34,7
), (17,5 ), (21,4 )446.
1866 .
, 1866 . ,
. ,
1864 .,
. 1864 .
3%
9%. , 444
, .
, ... , , - (The Economist.
1867. 14 Sept. P. 10371038).
445
Stamp J. British Incomes and Property / J. Stamp. London: King, 1927. P. 427.
446
Jenks L. The Migration of British Capital to 1875 / L. Jenks. N. Y.: A. A. Knopf,
1927. P. 421423.
283
, ,
. .
, .
3% 1865 . 4,5%
, 7% , 8% 1866 .
, ,
10%, , , 12, 15 20%... ...
447.
, . 11 1866 . Overend and C, .
, 10 .
. , , . .
,
, , Overend and C448.
Overend and C
.
.
.
11 , ... ... ... , -, ...
. ...
447
448
284
,
. Overend and C
449.
, ,
,
. 130
, , , 1
, , 450.
, , ,
. 10%,
(
31,7 44,3 ).
, ,
1868 .
1866 .
. 1857 . , 1866 .
... Overend and
C, 1866 ., , . 1866 . , 451. 1866 .
, 1857 . . 1857 . ,
1866 .
.
449
285
1860-
, , 1,2
1853 . 1,7 1863, 2,3 1872 .
7 1903 . ( 7,5 )452. ,
,
, 245,8
1850 . 1176 1900 .
,
. 1853 . 194 (70% ),
16% , (70% ).
1873 .,
70% , 630
(60% 1850 .),
374 .
, Glyn Mills,
.
.
, , ( 1900 .)
44%
.
1870- , 1873 , . 18601866 . 33 , 18671876 . 60 452
286
; .
1866 1876 .
0,5 . ,
, 3 ,
5060 ,
.
, 18661875 . 110 ,
120 .
( )
, .
,
.
, ,
, . ,
, ,
,
, .
(
)
,
.
III ( 18481852 . ,
18521870 . )
,
I.
287
.
, ,
. ,
, ,
.
,
. , , . ... . ,
. ( ,
) ,
,
453.
1850-
1840- , 1850- . ,
1850- 40% .
1840-
1,860 ( 5,900 ), 1850-
3000 ( 10 000), 1870- 20 000 (
25 000)454.
(,
, ),
453
.
, . .
454
Hau M. Entrepreneurship in France / Hau M. // The invention of enterprise:
entrepreneurship from ancient Mesopotamia to modern times [d. by D. S. Landes].
Princeton (New Jersey): Princeton University Press, 2010. P. 305.
288
, .
. .
.
, 51 1846 . 1848
1851 . 70%
( 1840- 30%). , 1850 ., 10%.
22 . 1 1847 . 25 .
1853 . 30 1855 ., . , ,
1852 . 1869 . 1
7 .
1,53 .
( ) 18501857 . 4,5 ;
2,7 (
, 1855 1856 . 1025 ). ( )
1,6 200300 455. 1850- ,
, .
,
, , , 456. 455
Lvy-Leboyer M. Histoire economique et sociale de la France depuis 1848 / M. LvyLeboyer. Paris: Cours de Droit, Institut d'etudes politiques, 19511952. P. 177; Vialles
P. La Consommation et les crises conomiques, thse pour le doctorat, par Pierre Vialles /
P. Vialles. Paris: V. Giard et E. Brire, 1903. P. 307308.
456
(, ), 500 (Wirth M.
Geschichte der Handelkrisen / M. Wirth. Berlin: Ayer Publishing, 1890. . 319320).
289
,
,
, , 1850-
.
1850- Credit
Mobilier
1850- . , - , 1848 , ,
. , ,
1848 . .
, 18491851 . 70% ,
( )
. .
.
1850- 1852 . (Credit Agricole)
(Credit Foncier)457,
III Credit Mobilier,
. ;
.
Credit Mobilier,
, 18 1852 . 457
.: Szajkowski Z. Jews and the French
Revolutions of 1789, 1830 and 1848 / Z. Szajkowski. Jersey City, NJ: KTAV Publishing
House, Inc., 1970. . 925.
290
,
- ( .
. / . .
., 1912. . 263).
459
. . .
/ . . . .:
. (. ), 1898. . 82.
460
. . / . . . .: , 1878 (. .: , 2000). . 101.
291
461
292
1857 .
1857 , , ,
. (
, ) 1856 .
, ,
1857 Credit Mobilier, ,
60% . .
1857 . ,
,
1856 ., 1857 . 18561858 .
12 , ,
. 1857 . 1856 .
( Credit Moblier 2,8 ,
2 Darmstadter Kreditbank),
1,5 .
1857 .
10%464.
1857 .
, , .
,
. 30
40%, 16%465.
, .
464
293
1860- 1867 .
, , 1860-
466. 108 1861 . 269 1865 .
225 1866 . , , .
. 1858 ,
(Compagnie Universelle du Canal Maritime de Suez).
, . , 1869 ., .
, ,
, , ,
. . ,
, , , , ,
, , ,
,
, , , , ,
, . ,
,
. , .
,
...
466
The Awakening of Europe // The Economist. 1860. 866. March 31. . 335
336.
294
,
, , - .
,
467.
1860-
, , . Credit Mobilier , , , , ,
. , , , 468.
1860- ,
1857 . , -
1860-
.
1867 . , 1866 .
,
1857 .; . , - .
,
, , ,
, . , Credit Mobilier,
. , Credit Mobilier, 1867 . 591
. 877 1966
. 134 1867 ., .
.
467
. / . . http://lib.ru/INPROZ/ZOLYA/money.txt.
. / . .
.: . - , 1908. . 102.
468
295
18501870- .
469.
, , ,
,
470.
, , , ,
, , . , ,
, ,
471.
agents de
change, . ( I . 70),
.
472,
469
. 1837.
. 3. . 159.
470
. 1869. . 4. . 7. . 161, 164
471
, :
, : , ,
, , , ,
, ( . / . .
http://lib.ru/INPROZ/ZOLYA/money.txt).
472
, I
(, 1861 . 28 ).
296
( 40%).
. .
. , 1872 .
3% 140
, - (
) 73% 53%.
, , ,
73% 6% 473.
, , 1847 . 60 (
1845 .) 54 1850 . (55)
1855 ., , 72 1860 ., 76
1865 . 1870- 140 1870 . 1850 . 24
( 8 , 3
, 2 ), 1870 . 36 (11 , 6 , 1 ). ( ) 18511870 . 25 474.
. ,
, ,
[] , . . ,
, . ,
473
297
.
, , , . , ,
: , , , .
, . ,
,
.
(, , ),
,
. : , , , , . , , , , ;
, , . , . , .
,
, . , ,
,
.
, , .
,
298
,
.
,
. ,
. , ,
.
, ,
.
, ,
. , (
), , , .
,
.
, , .
.
! ,
. . , . , ,
475. ,
( . .).
, , . 1850 . , , 9,1 ( 1899 .
9,5 86,9 ). 1850-
, 2,5
(27%) 27 (31%). 1851 1900 . 475
. / . . http://lib.ru/INPROZ/ZOLYA/money.txt.
299
( ) 75% 48%;
12% 33%.
1869 . 1
( 1,7 1863 . 2,3
1872 .),
. ( ) , (
). .
:
I .
, I .
, ,
. I .
, , . ,
,
,
, . , ; . ,
, .
I . . , , . ,
300
, , , .
1840-
I ,
. , I . ,
, , .
(
4 1790 . 40 1870 .) , , . ,
,
(. frontier) , ,
, - ,
.
, , .
.
, ,
.
( )
,
. ,
? ,
?
-
: ,
! , ! -
301
! ,
476.
, .
,
.
(National Banking Act) 1864 .,
.
, . .
,
, .
I . , , .
, . , .
1850-
1850-
, ( 18501860 .
23,3 31,5 ). , 1850- .
1848 . ,
. , 476
. ( ) / . , . .
lib.ru/INPROZ/MARKTWAIN/gildage.txt.
302
,
.
1850 500800 .
80% , ,
150 . , ,
, , 477.
1850 1860 . 1019 1886 478.
1850- , ,
,
.
. ,
,
( ). ,
,
. .
479.
, , 480.
477
303
1857 .
1857 . ,
,
, (
)481.
-
.
,
. , , ,
, ,
,
.
, , , . 1857 .
- . , 482
.
.
, , 24 1857 . - Ohio Life Insurance and Trust Company. ,
,
.
, ,
, 8 . (Tooke T. A History of Prices and of the State of the Circulation
from 1792 to 1856 // T. Tooke, T. Gregory, W. Newmarch. 6 vols. Vol. V. L.: P.S.
King and Son, 1928. P. 356, 380).
481
.: Commercial and Money Affairs. Sales at the Stock Exchange Stock
Exchange Lloyds // The New York Times. 1857. July 23.
482
Times. 1858. 1 Jan.
304
. , .
, , . , 26 1857 ., , , 175. 150
. , 100% .
.
. , - ,
. , ... ,
. ,
483.
- 13 .
, , -, 12
.
-,
. 18 - ,
32. -. ,
( 1857 . 5 ).
2050%,
1856 . 78 484.
,
,
. , 5060% (
- 84%).
. 1856 ., , 483
305
306
, 80%
.
20 1
7%,
,
.
, .
. 1863 . 1864 .
486.
,
,
.
4 , 6,25 27,25 .
( 1860 . 1862 . 40
),
,
.
, . .
,
,
. ,
. ,
,
3 .
1862 . ,
,
. ,
-
, .
. ,
,
, , ,
486
307
.
.
1860-
18611865 . ( ) . ;
,
. 487.
, I ., 1860-
,
. -, . -
, , , - .
-, -
. ,
, U. S. Steel,
1000 ,
, .
XIX . ,
; 1860-
488.
487
1880- .
488
The Increasing Activity of Government Securities // The New York Times. 1866.
August 11.
308
1860- ,
1865 . ,
.
.
, ,
,
. , ,
,
, , . -
, .
, ,
,
. 1860- , 489.
,
,
25% , 20% , , , . , ,
, .
,
10% . ,
, .
,
489
American Topics: American Securities // The New York Times. 1865. October 10.
309
, . ,
,
.
. , . ,
, , , ;
.
, , .
, , . . ,
, -
490.
, ,
,
. , 1870- .
1860 . 30 000 491, 1,2 490
,
, .
: , ,
, ( . ( ) / . , . . lib.ru/INPROZ/MARKTWAIN/gildage.txt).
491
, ,
, , (Fogel R. Railroads and American Economic Growth: Essays in
310
.
Winslow, Lanier and Company, Kuhn,
Loeb and Company, George Peabody and Company ( J. . Morgan and Company) .
. 318 1850 .
11,5 1900 .; 50% - 492.
, ; . 18631873 . ( )
1,3 . 2 , 18651873 .
, .
. ,
.
,
,
493. , 1873 .
Econometric History / R. Fogel. Baltimore: John Hopkins Univ. Press, 1964. . 100;
Fogel R. W. The reinterpretation of American economic history / R. W. Fogel, S. L.
Engerman. New York: Harper & Row, 1971. 494 p.).
492
Lerner W. Historical Statistics of the United States. Colonial Times to 1970 / W.
Lerner. Washington: United States Dept. of Commerce, 2003. P. 968.
493
Rise of United States Securities at Frankfurt Success of the New Treasury
Arrangement // The New York Times. 1871. August 15. Great Activity in Government
Securities // The New York Times. 1866. April 25. Our Securities Abroad // The New
York Times. 1866. August 28.
311
,
, -. -,
, , , , .
.
1860- ,
, Erie Railroad. 18661868 .,
. ,
( 1877 .
100 ). ,
,
. ,
-,
6 .
,
. 1868 . , ,
Erie Railroad, 10
,
Erie Railroad. ,
, . , , Erie
.
. 1860-
, ,
, .
, .
312
.
(
15 ), , .
24 1869 . , . ,
4 , 1,5 .
, , , .
( 1872
. Union
Pacific), 1880-
. Union Pacific, 20
. , , , , . .
Union Pacific ,
, 1872 . - Sun , .
1866 . 1867
1866 .
(
), 1865 . .
, ,
, , , 494.
494
313
1866 .
.
, 1866 . 38 .
- 1866 . 68%,
1867 . 10%. ( 530 1865 . 1505 1866 . 2780 1867 .)
1867 . . 1857
. ... .
, 495.
, .
...
... 496.
,
1860-
( ,
)
( ).
, .
.
1860-
, , ,
, , . , 1866 . Delware, Lackawanna and Western Rail Road Company
495
496
314
- ,
497. New York
Central and Hudson River Railroad
18701880- .
Fraudulent Transaction Act (1857 .),
;
Punishment of Frauds Act (1857 .) Larceny Act (1861 .),
.
, 1860 . Sunshine Laws, .
(Wall
Street Journal, Barron's .)
American Railroad Journal, Railroad Gazette Railway World.
, , .
1867 . - ,
. .
- , , (4,6 . 1870- 40% ),
.
,
- . . (R. G. Dun),
1841 .
. 1859
R. G. Dun and Company,
. 1849
497
315
(John Bradstreet).
,
. Barrow, Wade,
Gutrie & Company ,
, New York, Ontario and Western
Railway Company
498. 1886 .
-,
.
1860- 1870- , , . , 1871 .
.
. , . 1870 , , ,
, , , ,
,
, ,
, 499.
498
316
, .
, .
1840- 1848 ., , 1871 .
, . ,
, -.
, .
500.
. ,
,
, ,
.
1840- , . 501.
, ( . . / . . .: , 1991. http://www.belousenko.com
/wr_Zweig.htm).
500
1830 1840 . 16%
, 1851 1870 . 38%.
,
( 1838 ,
).
501
1873 , 1879 .
.
317
502
318
504.
1857 .
18561857 .
, , . 1857 .
,
. ,
.
, ,
, , .
- , . , , ,
.
-. , 1583 ., ,
. . ,
. 505.
504
319
506
320
1860-
.
,
. 1864 .
, ,
, ?
, : , 511.
1860 , , 426 512. 1851 1870 . (
1860 .) 1,7 ( 1 ),
1835 1873 . 5,6 . : -
373 18561860 . 580
1865 .
1860- 1850- ,
. 1860- ( ),
, , , 513.
511
// . 1874. 38. . 214.
: Germany is a nation of misery,
who believe in the hoarding of money rather than the profitable investment of it ( , , (Mayhew H. German Life and
Manners as Seen in Saxony at the Present Day / H. Mayhew. London: W.H. Allen &
Co., 1864. Vol. 2. . 593).
512
140 , 54 , 44 , 39 , 30 119 .
513
, .
,
, . -
321
,
(
),
, 514. ,
.
,
- .
, ,
, , idee fixe
515. ,
, ,
, .
,
516.
, , .
, (
// . 1874. 38. . 214).
514
18501860- 6 19,5
. , 20 . 88 1950- 500
1870- (Cassis Y. Capitals of Capital. A History of International Financial Centres, 1780
2005 / Y. Cassis. Cambridge: Cambridge University Press, 2006. . 55).
515
//
. 1876. 4. . 53.
516
, , ,
,
.
322
, 1856 . - 1868 .,
, .
323
. . (
), ( 1871 ., )
.
1833 . , 1820- Berlin Kassenverein Pommersche
Privatbank . 1833 .
,
. 1835 .
, 1838 .
.
1850- ,
, , .
. ,
,
.
,
,
518.
518
. . /
. . ., .: . .-. -, 1931. . 127.
1873 . , 1873 .
.
, .
, ,
. ,
(
). , . , ,
, , ,
324
. ,
, (
I ).
, Disconto-Gezellshaft, 1851 . , 1853 .
Darmstadter Bank,
.
, 1857 . .
( 1850 .), ( 1857 .), ( 1874
.), .
. 1848 . , 1849 . .
.
( 1855 .), ( 1868 .),
( 1872 .).
1854 ., 1856 . . ,
,
, . 1892 . (Gesetz betreffend die Gesellschaften mit
beschrankter Hauftung, GmbHG), , . , 1986 .519
.
.
519
A Global History of Accounting. Financial Reporting and Public Policy: Europe / Ed.
by G. J. Previts, P. Walton, P. Wolnizer. London: Emerald; University of Sydney, 2010.
. 61.
325
I . ,
1848 1866 . 82
, ,
1857 . 100 . -
Seligmann & Co Seligman &
Stettheimer, 6%
500 . ,
.
, ,
. , . 1870 . 325 (95 , 115 , 55 .).
1871 .
520.
- 19 1870 .,
, 28 1871 . . .
5,57 . 520
326
( , ),
. , .
-
, ,
.
,
.
, 521.
, . , ,
.
,
, . 27 1870 . .
, , ,
.
, 521
, , . ,
, , . , , , , ,
,
, , , ( // . 1874. 38. . 215).
327
522.
18711873 .
( . Grnder ). 1870- (
, 1820- , 1850- )523. . , .
, .
. 5% (
3,87,6%, 5,4%). 524.
522
. , .
,
( )
,
- ( // . 1874. 38. .
215).
523
1790 1867 . 225 (
2 ), 1867 1870 . 54 (
18 ), 1870 .
1870 34 , 1871 . 259 , 1872 . 504
. 1870 1874 . 857
( . / . .
.: - , 1877. . 356).
524
( 1870 1874 .): 12,31% ;
8,36% ; 5,87% ; 6,44%
. , ,
.
, -
328
. 1870 . 31
400 ,
107 706
( Deutsche Bank, Dresdner Bank, ommerzbank .).
10
1870 . Deutsche Bank, , ,
.
, . 5 , 2
, . , ,
1872 ., 1873
. .525
1867 .
9,5% ( ) 4,7% ( ).
. ( )
,
. , 1878 . 52% (
65% ) ; 1883 . 66%
(88% ); 1887 . 59% (80% ). ,
. , Credit Mobilier 13% 1854 ., 47% 1855 ., 24%
1856 ., 1857 ., , .
Credit Mobilier ( 500 ) 1856 . 1995,7
., 1870 . 87,5% . 2,4% 1854 .,
10,67% 1855 ., 15% 1856 ., 5% 1857 ., 5,25% 1858 ., 4% 1858 .
1856 . 170%, 1859 . 42% .
Creditanstalt 205% 1856 . 42% 1859 . ( .
. .
/ . . . .: .
, 1898. . 7980).
525
Klubmann U. Das Kaiserreich. Deutschkand unter preubischer Herrschaft Von
Bismarck bis Wilhelm II / U. Klubmann, J. Mohr. Munchen: Deutsche Verlags-Anstalt,
2014. S. 135137.
329
526. , , , 1870-
9% 1850- 17%
1870- 527.
528,
, . ,
18711872 . 780
.
,
.
, .
, ,
,
.
.
, , ,
, . ,
.
, ,
, ,
526
// 29 ,
. 1870. 29. . 323.
527
Silke P. Die Grnderkrise von 1873 und ihre Auswirkungen / P. Silke. Munchen:
GRIN Verlag, 2008. S. 78.
528
1871 . 296 2,4 , 72% , 11% . 1871 1873 . 928
2,78 , 107 740 (Gmmel R. Entstehung und
Entwicklung der Effektenbrse im 19 Jahrhundert bis 1914 / R. Gmmel // Deutsche
Brsengeschichte / Rainer Gmmel, Friedrich-Wilhelm Henning, Karl Heinrich Kaufhold,
Bernd Rudolph, Rolf Walter. Frankfurt am Main: Fritz Knapp Verlag, 1992. S. 153
154).
330
. .
, ,
,
. , . , ,
,
. , , -,
, ,
, (
).
1873 ., ,
. , , , .
, .
.
- ,
. , -,
. .
,
250 .
(
43%). , 320 . , 250 . , 70 .
331
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. , , (
). .
530
,
1888 Assurance financiere 2,85 .
531
Journal des Economistes. 1856. 15. X. . 59, 6667.
332
815 ,
532.
,
.
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100), (
, 9 , ).
.
.
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, , , ,
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7 1873 . 533. 532
. . .
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533
, ,
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,
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. ,
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) , .
, . .: Borchart J. Der europische
Eisenbahnknig Bethel Henry Strousberg / Borchart J. Munich: C.H. Beck, 1991. 352
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333
( , )
. , .
, , , ,
- .
. 7,5% 254 ,
, 1872 . . 534.
, , (2,5 ) . 1870 ., , ,
4 .
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, ,
535.
1871 . C ,
534
,
, , . , 1870 . . .
535
. . / . . .: , 1985. . 9192.
334
, , 15 ,
. 1875 . - 2
, (
7 ),
. , 1882 .
.
,
536. ,
, Deutsche Bank. ,
,
.
.
1875 . 5,5 537.
536
1872 . , 1873 .
9,6 , 1874 .
( 1874 . 26 65,36 , 1875 . 28 54,0
, 1876 . 37 48,42 , 1877 . 43 66,65
, 1878 . 37 84,08 , 1879 . 47 69
. , . 203 , 1871 ., 1873 .
30 (14,7%). 478 , 1872 ., 138 (28,9%); 162,
1873 ., 67 (41,4%); 30, 1874 ., 14 (46,7%) ( . . .
/ . . . .: . (. ), 1898. . 141
142, 184).
537
1883 ., ,
, Deutsche Bank
Northern Pacific Railroad.
,
(Klubmann U. Das Kaiserreich. Deutschkand unter preubischer Herrschaft Von Bismarck
bis Wilhelm II / U. Klubmann, J. Mohr. Munchen: Deutsche Verlags-Anstalt, 2014. S.
138).
335
1875 . , [1875] , , .
, ,
,
538.
, 1873 ., , 900 , 2,8 .
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1848 , , . , ,
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Zeitung, , . ,
- 540.
538
539
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541 Pest Magyar
Kereskedelmi Bank (1841), Niedersterreichische EscompteGesellschaft (1853) Banca Commerciale Triestine (1853).
Credit-Anstalt
( sterreichische Credit-Anstalt fur Handel
und Gewerbe), 1855 . . , , , .
, ,
redit-nstalt.
541
Erste Osterreichische Sparkasse 1819 ., (, Bohmische Sparkasse ). , , (Albrecht C. The Decision to Establish Savings Banks in
Bohemia, 18251870 / C. Albrecht // Economic Development in the Habsburg Monarchy
and in the Successor States. Essays. Edited by John Komlos. New York: Columbia
University Press, 1990. P. 7677).
338
, ,
,
. , , 1863 . AngloAustrian bank . ,
, .
1857 .
5 1859
Arnstein und Eskeles ,
Credit Mobilier 30
. Arnstein und Eskeles ,
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. 80- , , , ,
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, ,
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, 1820- , 1830-
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. . 2 . . 13. . 353.
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340
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, - ( ,
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, ,
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,
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, , ,
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, . . , .
546
. . .
/ . . . .: .
(. ), 1898. . 121122.
547
,
, ( 1854 . 2617 1852 ), -
18531856 . , . 1873 .,
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341
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, ,
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342
, 548
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250 100
. ,
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1869 141
( 1868 . 5) 517 .
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982 ,
470 549. 550. ,
, 4,5%
5%; .
1859 . .
1860- -
. 1860-
, - , 548
, ,
Galizische Landstndische Credit-Anstalt, 1841 . 1863
. Magyar Fldhitelintzet, Allgemeine sterreichische Boden-Credit-Anstalt ( 1863 .).
549
, 1868 . 21 , 30 , 1869 .
99 , 135 ,
100 .
1868 . 1869 . 84 326,8 .
550
1869 28 (23 387,6 ; 15
1869 . - 1869 . 59 132,2 40 1869
( 1868 . 6 ). 1869 28 (23 387,6 ; 15 1869 ). -
1869 . 59 132,2
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343
,
. , . ( , , ,
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, .
, , 1870 . 20 (
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, redit-nstalt, 40 .
, (Maklerbanken),
, (Baubanken).
,
,
, , .
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,
, 551.
, , 1850-
,
42 1854 . 96 1867 . 154 1873 . 1869 .
43,7 .
, - .
68 38
98,8 .
551
344
// ,
. 1899. 45. . 486.
553
. / . . .: , 1877. . 355.
554
. . - / . . //
. / . . . . . .: , 1998. . 349.
345
11 20 .
1870 . ( 1870 .)
, ,
555.
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. . , . / . . . .: . . . , 1879. . 125.
558
( 1851 1862 .) (1855
1867 .).
347
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. , , ,
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. ,
? . ,
,
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, 276 75,
145 65, 313 142, 273 95, 258 52 . . 300
. 1873 105,1 , 135,8 .
112 262
; 1250. .
.
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, 6 (52 ), 18 (64,6 )560. 1873 . ( 160 )
6,2%, 10,5 .
, 190 , , 162 , -
559
. , -
, , ,
( . / . .
http://lib.aldebaran.ru/author/gashek_yaroslav/gashek_yaroslav_finansovyi_krizis/).
560
131
1872 102 1873 ., 75 1884 . 53 1879 . 69 1873 . 28 1874 . 14 1879 . 1880
( ) (A
History of Banking in all the Leading Nations. Vols 14. Vol. 4. Germany, AustriaHungary, Netherlands, Scandinavian Nations, Japan, China. New York: The Journal of
Commerce and Commercial Bulletin, 1896. . 131132.
348
42%561. , - . ,
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, -
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561
//
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, 567.
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,
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, , , .
,
, , , , .
, ,
, .
1872
, , .
, 566
. 10 // . 1876.
2. . 16.
567
Neuwirth J. Bankacte Und Bankstreit In Oesterreich-Ungarn, 18621873 (1873) / J.
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352
. ,
,
,
, . ,
568.
, , ,
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9 , .
1873 ,
.
, 569. 24
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, 573.
568
. 10 // . 1876.
3. . 33.
569
. . , . / . . . .: . . . , 1879. . V.
570
Schaffle E. F. Gesammelte Aufsatze / E. F. Schaffle. Tbingen: Laupp, 1885.
S.109.
571
. / . . .: , 1877. . 403.
572
Silke P. Die Grnderkrise von 1873 und ihre Auswirkungen / P. Silke. Munchen:
GRIN Verlag, 2008. S. 9.
573
Vienna`s Fair // The New York Times. 1873. May 25. Vienna // The New York
Times. 1873. May 28.
353
354
, , , 576.
1876 . 28,9 ,
4%
577.
.
1873 . , . 1873 .
Wiener Kreditanstalt,
.
,
, ,
.
.
, 18
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.
, . !
. , , , 576
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32 45% 580.
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, 18711873 ., 1875 40 581.
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, ,
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. / . . www.erlib.com/_//15/.
. : / . . .: ,
1994. http://www.gumer.info/bibliotek_Buks/Sociolog/Durkgeim/index.php.
581
Oechelhaeuser W. Die wirtschaftliche Krisis / W. Oechelhaeuser. Berlin: J. Springer,
1876, S. 40.
582
. . , . / . . . .: . . . , 1879. . V.
583
Oechelhaeuser W. Die wirtschaftliche Krisis / W. Oechelhaeuser. Berlin: J. Springer,
1876. S. 51.
584
Labor Crisis in Germany // The New York Times. 1874. August 25.
580
356
585. 1875
586. , ,
, 587.
1872 . 1860 1870-
,
.
1873 . 18701872 .
,
10 000 .
1871 ., 1872 .
; 39%
.
- (
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1872 ., 910%.
,
1873 . , .
585
, (
),
.
586
The Aspirations of Germany // The New York Times. 1875. December 8.
587
4% 1877 . 251 ,
4% 18771878 . 1159 , 4% 1875
1878 . 30 92 , 4% 1875 1879 . 15 38
, 3% 1876 342 ,
4% 1881 . 166 . , ,
,
(Flandreau M. Old sins: Exchange Clauses and European Foreign Lending in 19th Century
/ M. Flandreau, N. Sussmann. 2002. . 15. http://www.iadb.org/res/publications/
pubfiles/pubS-154.pdf).
357
.
1873 . ,
.
( 100 .), ,
. ,
. .
, , .
1873 18 20 ,
588.
1873 Jay Cooke and Company, ,
.
, , (Northern Pacific Railroad).
1873 . Jay Cooke and Company, ,
300 . ,
100 , .
Jay Cooke and Company
588
358
The Financial Crisis // The New York Times. 1873. September 24. Financial
Systems // The New York Times. 1873. November 22. Lee J. New York and the Panic
of 1873 / J. Lee // The New York Times. 2008. October 14.
http://cityroom.blogs.nytimes.com/2008/10/14/learning-lessons-from-the-panic-of-1873/.
590
Wicker E. Banking Panics of the Gilded Age / E. Wicker. Cambridge: Cambridge
University Press, 2000. . 18, 2627.
591
60 1872 .
36 1877 .; 117 1872 . 51 1877 .;
359
50% ,
.
14%, - 18731874 . . 30% 1870 . . 225 ,
592.
, . 1873 , , .
,
10% 1866 .
1,7% 1868 ., . . , , , .
1873 . , ,
3,5% 7%, 4%, 4,1 . 1872 . 8,9 . 1877 . 1877 .
40%, 2,5 . 1878 .
, . 18731878
. 47 . , 1,2 .
( 1866 1872 . 19,7 .
0,53 .) ( . .
. 3 . . 2 / . . . .: - -. -, 1960.
. 66).
592
1879 . . , 1880 1882 ., 28 240
, 1884
, , 1873 .
360
9%,
( 10%, :
1857 1866 .).
1873 . 12%.
, ,
1873 , 593.
, , 1872 ., , , .
1878 , 18711873 .;
.
123 1873 . 89 1878 .
1873 .,
1885 . , , , (1313) 1879 .,
, 1873 , .
1873 ,
1870-
, ,
. , .
,
. 1870- ,
, 593
Money Market // The Times. 1873. 11 November; Money Market and City
Intelligence // The Times. 1873. 21 November.
361
, ,
.
1873
7%
,
.
594. ,
1874 . , 595.
, ,
1879 . .
, , ,
.
600 .
,
596.
1873 70 , 30 , 21 , 20 , 594
362
12 , - 10 , 10
, 7 .
, ,
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1873 . , -: ,
.
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, , . ,
.
, . 25 , . ( -)
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1873 .
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363
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,
, . ,
, .
1930- . , 1873
, , , 1930- . .
, 1879 .
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. 18691879 . ( )
6,8% , 4,5% . 2,7% ,
364
, , 597.
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,
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, 1812 , 1825 . ,
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, 21 ( 1823 1844 .) ,
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. 1836 . , 600.
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I , , 603. (
),
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.
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.
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366
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( 18551881 .),
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. . , . . , . .
.,
,
, 1860-
.
;
605.
, 1860-
. ,
, .
.
60- XIX . 1861 .
,
.
. ,
1907. . 282). 1880-
, , (Flandreau
M., Sussmann N. Old sins: Exchange Clauses and European Foreign Lending in 19th
Century / M. Flandreau, N. Sussmann. 2002. . 910, 22, 27. http://www.iadb.org/
res/publications/pubfiles/pubS-154.pdf).
605
. . / . . . .: ,
2010. . 154.
367
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1860- - , .
I . , , ( 1857 1873 .) , -. , I 607
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, . . 50 .
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. 1855 . 606
. . / . . . 2 . . 1.18501865.
.: . . . , 1897. . 432.
607
1850 . 2,7 ., 1860 . 9,7; 1870 . 26,5.
, ,
( . . / . . . : , 1925. . 1112).
608
.: . . .
/ . . . 4 . . 2. .-: . . . , 1882. . 17
28.
368
.
, / . . 2 . . 2. ., 1863.
. 34.
610
18021902. 2 . 1. .:
, 1902. . 434435.
611
. . / . . . .: . . , 1880. . 23.
612
. . - / . . .: . . . , 1884. . 105106.
613
. . / . .
// . 1863. 5. . 379380.
369
,
. 18571858 ., 50- 614.
, .
1850-
,
.
15 . 1856 .
300 1857 ., 1858 .
51 .615
1850-
, .
, , , , .
, ,
,
.
, 1857 ., 1858 . ,
, 614
. 1900 / . // . 1902. . 7. .-. . 117.
615
- . . : / . . -. 2 . . 1.
I . ., 1900. . 327. 1822 1855 .
23 , 1856 6 , 1857
. 14, 1858 . 39, 1859 . 20. 35 1855 . 94 1859 . ( 1859 . 131
, 415). 1857 1860 . 101
281,6 ( . . / . . // : .
.: .- -, 2000. . 96).
30 , 10 , 8 ; 8 , 7 , 31
( . . /
. . // . 1859. 29 . . 1073).
370
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,
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. 1858 .,
, ,
616.
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,
, , ,
617. 1860 .
-
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618. 1857
( , .) , . - ,
, ,
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., 619.
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- 616
. . - / . . .: . . . , 1884. . 106.
617
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I . ., 1900. . 325.
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619
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371
, 1860- - , , , , , ,
.
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// .
1912. 19. . 2.
621
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372
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, 1860-
( , )622.
, , , .
.
.
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, (
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, 3900 , , 100
. , , , , , , ( . . / . . .
.: . . , 1871. . 285).
373
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625, Credit Mobilier , .
, , , .
. ,
. 12% ,
, .
,
626.
18631864 . 18601870- . ,
1857 .
979 , 1878 . 7225 . 1861 1874 . 386
876,7 .; -
624
. 3 . . 2. 7. [ . . . ]. ., 1913. . 11.
625
, . , , . ., ( . . :
1837 / . . . .: . . . , 1887. .
24).
626
. 2 . . 1. 18361917 . .,
1994. . 81.
374
(106 )
1873 .627
1867 . ( 1855 1865 .
808,8 .). ,
,
628.
629,
,
.
18681869 .
, , 1860- , 18681869 .
, 1860- , .
, 630. 1868
1869 . , , ,
627
. . / . . // : . .: .- -, 2000.
. 96, 105 ( 1, 7).
628
.: . . .
/ . . . 4 . . 2. .: . .. , 1882. . 154157, 163,
174175.
629
, 1867 . .-
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(1- 2- , .)
( .- // .- . 1867.
183. 5 . . 2).
630
. . / . . . .: . . , 1880. . 24.
375
631. , , . 1860 .
, , ,
, : ,
, 632.
1860-
( , 633).
, , ,
634. 1869 .
, ,
, 635.
,
.
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18701873 .,
,
1858 1869 .
,
, ,
. , 1870 1873 ., 53 631
[ . .] (18401890)
/ . . // . 1915. . II. . 404; . . . 58.
632
// .
1874. 45. . 377378.
633
: . 18391889. ., 1889.
. 4546.
634
. . / . . . , 1917. . 186.
635
, ( . . / . . . , 1917. . 231).
376
107,9 .
, ,
, .
1873
1873
., , , ,
,
, 636.
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. ,
,
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1870- , . 1872
. , , , .
, 1873 ,
,
.
, .
.
, , , 636
18691873 . , ( )
3,8 ; (4241 ,
3,3 ), (928 , 2,1 ), -
(642 , 1,2 ), (301 , 0,8 ),
(1170 , 0,4 ) ( . . (18211938 .) / . . . .: - , 1939.
. 832833).
377
637.
, ,
.
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638.
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,
1870- .
1874 . ,
639. , .
,
640,
. ,
.
, 1873 . 1874
,
1869 . . , ,
637
, 3 (15) ( ) // . 1874. 14. . 267.
638
1872
1873 ., , (2,417 .), 1873 .
10,603 ., 4,297 .
( 1873 // . 1874.
12. . 214).
639
, ( . 6 // . 1874. 14. . 264).
640
. 31 // . 1874. 35. . 158.
378
, ,
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, , 642. 1874
, , , , .
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.
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233 . . , .
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, 1,5
. 644, 8 .,
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1875. 1. . 56.
643
. 12 . // . 1875. 1. . 56, 28.
644
. . / . . // . 1875. 47. . 747750.
379
1 645. , ,
,
160 . . ,
,
, .
11 1875 .
, ,
,
646.
18751876 . 24% .
, , 1870- .
, 647. , .
, , . 1860
.
, - .
645
. . . XIX . 1914 . / . . . .: , 1998. . 26.
646
.: . . , / . .
. ., 1917. 153 .; . . // . , / . . . .: . , 1902. . 110, 114, 125, 137.
647
10 , 1860 1870 ., 156 ( 60 , 1799 1860 . 166 ). , 1870 .
3 . ( 1,55
) ( . . / . . . .: . . , 1871. . 4851).
380
I . .
, . ,
. 1890 1912 . 578% (
55%:, 47% 32%,
238%, - 410%)648.
,
,
. ,
,
.
85% (30
33 ) , 67% ( 2 )
( ),
. V
.
649,
, (
40% ).
( . .)
,
. 650. VIII 75%
648
// . 1913. 42. . 6.
, .
.
649
381
. / . // ., .
. 2 . . 13. . 7.
651
Matsukata M. Report on the Adoption of the Gold Standard in Japan / M. Matsukata.
Tokyo: Government Press, 1899. P. 12; Shinjo H. History of the Yen: 100 years of
Japanese money-economy / H. Shinjo. Tokyo: Kinokuniya, 1962. P. 1112.
382
, .
, , ( ), V 652. , .
,
.
XVIXVII , , 653.
Junin
ryogae ,
, (
2,5% )
. (ryo ).
, , ,
. ,
. ,
, , ,
.
, , , ,
.
. ,
652
(kabunakama), , .
653
// , . 1898.
21. . 492.
383
,
,
, 654.
1853 ,
. , ,
, ( , 15). .
1867 .
(Mitsuhito).
(meiji ), 1912 .,
. ,
, 655. 1889
,
, . 1869 . ,
(1 1,5 ), .
wakon
yosai , , ,
.
,
,
654
384
, , .
.
,
, , , .
, , . .
, . , ,
, ,
.
(
16 ) . 2400 23
2% 656.
. 1878 . , . . Keizai Zasshi, 1882 .
Kezai Zaku ,
,
.
656
385
, ,
,
. (, )
, ,
,
657.
18721873 . , . , . ,
, , .
.
45% ;
70% 658.
, , .
,
,
, . , ,
, . ,
657
. . XXI . .: , 2004. . 2223.
http://www.selishchev.com/china-book.files/china-books.html.
.: . /
. . .: , 2007. . 171172.
658
. . (. 3. ) / .
, . . .: , 2000. . 115.
386
, (
)
.
. ,
.
, 1870 .
, ,
( , , ).
,
.
,
, , , , . 1885 .
1012% , 1890- 30%.
.
, shokusan kogyo, , .
,
. 1871 .
,
, .
,
. 1870
, 51 , 52 ,
, , 75 . 1900 . 3,6 . (2,8 .
, 0,8 . )659.
659
// , . 1901. 9. .
504505.
387
, , , , , , . .
660,
,
,
. . 1214% . ,
, ,
.
- (zaibatsu )661.
Mitsui, Konoike, Sumitomo, Mitsubishi, 660
,
, .
, . 1892 . 1320 ,
. 2,5 , 175,1 . ,
. , .
661
, , , ; 70%
.
,
. , , , ,
, ,
, .
388
.
(
Mitsui), 662.
1881 .
, ,
663.
(), , , () .,
( 1930-
).
1880- . 1868 1911 . 15,5 . 485,5 .; 10,7
572,0 . .
, .
1869 .
(Tsusoshi), , ,
(kawase kaisha)
, , , , , 662
, ( , ) , , .
,
. .
663
,
2,4 , 1887 . 12,6 . .
, ,
, , . , ,
,
245 1880 . 5 1890 .
389
, . , kaisha, .
(,
). , . ,
.
.
, 1870 . , ,
( 1860 . , ). 1872 . .
( 1876 .).
National Banking Acts of 1863 .,
664.
(kokuritso ginko), , . . 665.
60% 6%
kinsatsu, 40% 666.
( Daiichi Ginko,
. ) (3,45 ) 2,07 664
.
,
correspondent banking.
665
Roberts J. Mitsui: Three Centuries of Japanese Business / J. Roberts. N. Y.:
Weatherhill, 1973. P. 9899.
666
Shibusawa E. The Development of Banking / E. Shibusawa/ Fifty Years of New Japan
[Ed. S. Okuma]. 2 vols. Vol. 2. N. Y.: Kraus, 1970. . 493.
390
.
60% .
,
1876
.
1876 , , . , , 30 190 667 ( 1880 . 76% ).
,
.
1870- 153 , -. , 1881 .668
18781881 .
( 1877 .) , . (Nippon Ginko), 10 1882 . , . ,
, .
, , ,
667
Hoshi T. Corporate Financing and Governance in Japan: The Road to the Future / T.
Hoshi, A. Kashyap. Cambridge (Massachusetts): MIT Press, 2004. . 20.
668
1880 . ,
, 1896 . , ; 1899 . , ; 1900 . ,
.
391
. ,
,
.
1897 . 1523 305 ( 1098 211 ; 215 19,2 , 63 13,3
.)669. 1914
2144, 644. 775 , 2 .
9,19,9%
48 , 166
12%.
20 670.
1893 . Savings Bank Act ( ) ,
1900- .
, ,
, ,
.
,
, , .
1900 , ,
(Hypotec Bank of Japan), (Industrial Bank of Japan),
(Hokkaido Colonial Bank) (Bank of
669
// , . 1898.
21. . 423.
670
// . 1913. 3 (.). .
135.
392
Taiwan). .
,
.
, .
, 671.
, ,
, ,
, 4,8
1871 . 40,7 1873 ., 371,7 1895 ., 994,1 1904
. 2217,7 1906 .672
(
) 23 1870 1 9% 13
( 1873
7%.). .
. 1870
(0,063) ,
(0,026)673. Schroeder & Co.
(Horatio Nelson Lay).
120 . (12% ),
90 . (9% ), 30 . . 671
. . ( ).
. .: - . . , 1910. . 19.
672
Bchel H. Die Finanzen Japans / H. Bchel. Essen: Bdeker, 1908. S. 856.
673
Mauro P. Emerging markets and Financial Globalisaton / P. Mauro, N. Sussman, Y.
Yafeh. Oxford: Oxford Univ. Press, 2006. . 5052.
393
, , 674.
1870 1902 . (5 9 5%), 1904 1905 . - (
6 4,5%), 1905 1910 . , -, (4
4,54%). .
.
, , . 5%
40 . , ,
, ,
,
97%, 100%.
1870 . 1914 . 17
.
1870 . (9%) 1873 . (7%).
54%. , 60 (12- 13- 1910 .) (14- 1914 .).
30 (9- 1905 .) 1,5 (14- 15-
1913 .) 1 ( 1870 .). , , . ( Yokogama Specie Bank, Parr`s Bank,
Hongkong and Shanghai Bank)675.
674
394
1899 . ,
, , . . 6% 26 . , 1899 .
(6%, 92 .
), (6%,
315 . )676. , - .
. 1899 1912 .
13 , , (3 ).
1926 . ( ), 1927 . (), . , , London Group677. , 1906 1913 .
12
, - (South Manchuria Railway)678.
35 25 ), 21- 1930 . (5,5% 35 14,6
) 22- 1930 . (5,5% 35 12,5 ).
(Bytheway S. J. Investing Japan. Foreign Capital, Monetary Standards, and Economic
Development, 18592011 / S. J. Bytheway. Cambridge (Mass.): Harward University
Press, 2014. . 9195).
676
Suzuki T. Japanese Government Loan Issues on the London Capital Market, 1870
1913 / T. Suzuki. London: Athlone, 1994. P. 146162.
677
(1902, 1907, 1909, 1912),
(1906, 1912), (1909, 1912), (1903, 1909), (1909),
(1899). 6%, 1909 .
5%, , 78 (, 1903) 8 (,
1909). 9,1 (, 1912) 26 .
(, 1899) (Bytheway S. J. Investing Japan. Foreign Capital, Monetary
Standards, and Economic Development, 18592011 / S. J. Bytheway. Cambridge
(Mass.): Harward University Press, 2014. . 114115).
678
Kansai Railway, Kanegafuchi Cotton Spinning Co.,
Industrial Bank of Japan, Matsui Muslin Spinning Co., Hokkaido Colonial Bank .
7,54,5%, 20 , 25 . (
) 6 ( - , 1911 .). ,
(Bytheway S. J. Investing Japan. Foreign Capital, Monetary Standards, and
Economic Development, 18592011 / S. J. Bytheway. Cambridge (Mass.): Harward
University Press, 2014. . 126127).
395
1870- . ,
, , , , . 1873
, 1870 ., , .
1876 ., 400 000
(5% )
190 . (chitsuroku)
. 1876 ,
, (public)
(kinroku).
. , 174 679,
40% 1876
.680
(39,9%), (44,1%),
(16%)681.
,
. .
( -
679
396
), , .
1872 . , ( , Amagasaki,
Kurashiki, Kanebo , .).
,
. .
1884 .
1298 ( 1000
), 1893 . 4133, 1898 . 7044, 1900 . 8589.
. ,
1878 . 1887 . (
1893 .), , ,
30 000 . 1886 . 46 1897 .
. , (, 1890-,
)
( ) .
1867 . , . , ,
, .
,
300 (
Misuho Financial Group, ).
397
682.
Kyushu Tetsudo,
1888 . 11 , 7,5
. 50
5 , 1888 .
38% . , 683.
(
200 ) ( 150 ). 1914 .
, 1920 . 1930-
( 12 1965 .)
( 5 1965 .).
, , 684. , , . 1890 . 15% , 1900 . 16%, 1910 . 17%.
, , 1920 .
(20%) , , 1940 . (25%).
82,5%
682
. / . .:
, 2002. 248 .
683
Hamao Y. Listing Policy and Development of the Tokyo Stock Exchange in the PreWar Period / Y. Hamao, T. Hoshi, T. Okazaki. 2006. . 22. www2.e.utokyo.ac.jp/~seido/DP/p68_Okazaki.pdf.
684
2,7% 1902 . 14,0% 1907 . 19,3% 1908 .; 2,6% 1912 .;
24,0% 1915 .; 9,8% 1924 .; 20,3% 1935 .
12,75% 1907 .; 16,46% 1917 .; 35,68% 1964 . (
5,68%; 11,78%; 21,98%) (Ohkawa K. Japanese Economic
Growth: trend acceleration in the twentieth century / K. Ohkawa, H. Rosovsky.
Stanford: Stanford University press, 1973. P. 33, 47).
398
, 7,8% , ( 9%) . , , .
, .
,
, .
685 ,
,
.
,
,
. .
- . , , , , ,
, .
,
,
685
399
,
( ) ,
.
I . ( 6065%
).
( 9% )686.
,
. , ,
.
686
Juro T. Were the Banks Really at the Center of the Prewar Japanese Financial System?
/ T. Juro // Bank of Japan. Monetary and Economic Studies. 2007. Vol. 25. 1.
March. P. 52.
400
Belle poque:
( 18501870- ), .
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, 687.
, , , , -
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,
688.
687
. . / . . .: ,
1991. 377 . http://www.belousenko.com/wr_Zweig.htm.
688
. , / . // . 2 . . 1.
.: , 1990. . 447448.
401
, ,
,
18751914 ., , .
, .
,
1880- 689. Belle poque
18901914 . , , , ,
1930- ,
, . ,
.
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.
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.
Barings, Brown Shipley, Hambros, Kleinworts, Lazards, Morgan
Grenfell, Rotschilds, Schroeders .
689
1879 . , 1892 . ,
.
402
.
,
, ,
, . .,
, .
1870 . 7% , 1900
1914 . 20%.
, 1930 . 8%, 1945 . 5%,
1960 . 6% 1980 . 25% ( 1990 . 49%
2000 . 92%). 1913 .
( ) 32% .
40
30% , 4%
,
690.
, , , ,
,
, 691.
, 57 . ,
N. M. Rothschild & Sons .
, , ,
, , , , , , ( ,
, ).
,
, , -
690
. 2
. . 2. 1870 . .: - , 2013. . 2223.
691
Atlantic Ports and the First Globalization, 18501930 / Ed. by M. S. Bosa. N. Y.:
Palgrave Macmillan, 2014. . VIIVIII, 16.
403
692. ,
, 693.
(Colonial
Loans Act, 1899) (Colonial
Stock Act, 1900), ,
.
:
, ,
, , . , .
, .
,
,
, -
(London and North-Eastern Railway).
1914 .
, ,
, .
. 1870 . ( 1985 .) 82 , 90 ; 1913 .
184 472 . , , 1870 . (2610
) (2247 ),
1913 . (4024 4854
)694. 1880 . , 1905 .
.
692
404
. .
1913 . 13% ,
. .
,
(42% ), . .
,
. , ,
, , ,
.
,
.
,
( ). , , , (20%
) , .
,
.
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.
(13% ). (
) , .
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405
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. . ,
300400 ., , 695. .
1496 696. 697.
695
, , ; , . , , .
696
1887 . 5,5%
; 7% 1894 . 41 (
Hongkong and Shanghai Banking
Corporation). 6% 75 1895 .
Jardine, Matheson & Co; 6% 50 Arnold, Carberg & Co;
6% 3 Hongkong and Shanghai Banking Corporation;
4%, 1895 . 400 ,
406
, ,
. , ,
, , , .
, . , , , ,
698. I
, 1895
1900 . 10 . ,
- ,
- -
699. . -
. 1896
5 4,5%, -
( // , . 1899. 30.
. 140).
697
, 1913 .
, . , , , , , 60 , ,
24 , , 5% 89,5 100 80%,
185 . , , 26 .
( . . // . . // . 1913.
19. . 35).
698
.-. . . 13 / .-. // , , 1901. 18. . 257.
699
, ,
;
, ,
10% .
, , ( .-. . . 45 / .-. //
, , 1901. 19. . 303305).
407
700, ,
701.
,
. , ; ,
700
; , , .
, ;
,
.
, , . ,
( .-. . . 4
5 / .-. // , , 1901. 19. .
305). ,
- 1894
. 850 ,
, 19041905 . .
, .
, .
, ,
.
,
. 1913 . , , ,
( . . // . .
// . 1913. 19. . 35).
701
1913 ,
Banque Industrielle de Chine. 45 , 90 . 500 . , , 5%
, 6% . .
, ,
, (
// . 1913. 11 . 910).
408
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150
43 ; .
1890 .,
1907 ., 1914 . .
,
. 3 1913 . , 1919 . 4,5
.
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, . 18701913 .
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: 1881
1915 . 32 ,
, 1914 . 9,5 702.
702
410
, 1913
. 46,33 (1 2008 .)703,
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UNCTAD)704,
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, 2003 . 12%705.
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411
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707
1870- . , , , . 1879 .
; 1880 1892 .,
1888 1892 .; 1878 1887 .
, - .
412
708,
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,
1914 ! . ,
, 709.
. , , : , .
708
Fisher I. The Need for Health Insurance / I. Fisher // American Labor Legislation
Review. 1917. 7. P. 10.
709
Keynes J. M. The Economic Consequences of Peace / Keynes J. M. Los Angeles,
ndo-European Publishing, 2010. . 6.
413
, 710.
1914 . ( 30 10 ) , - , 60 45 .
, .
, (
, ).
.
. . , 711. 710
. . . 1 (19111914) / . . www.onisland.net/History/Churchill/WorldCrisis/WWC_book_1.htm.
711
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414
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.
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, 1930- 712. ,
20072009 ., .
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(, , , , , ) 712
. , , . . 19201930-
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. ,
, . . ,
1930- .
, 1929 . ,
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415
.
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.
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416
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.
. , , ( ).
,
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. 1.
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4,3
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17,8
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3,1
11,1
(%)
(%)
(%)
(%)
(%)
(%)
1
, 19121914 .713
713
( %
) 18501860 . (6,5%),
(5,5%), (3,0%), (1,0%), (0,5%) . 18751885 . (9,2%),
(6,5%), (4,0%), (2,7%), (2,7%). 1912
1914 . (14,0%),
(12,5%), (8,3%), (5,1%), (4,7%)
(3,2%). , 19271930 .
(19,4%), (15,7%), (7,9%),
(6,8%), (3,0%), (2,7%) ( : Goldsmith R.W. Comparative
National Balance Sheets: A Study of Twenty Countries, 16881978 / R.W. Goldsmith.
Chicago: University Of Chicago Press, 1985. . 198, 204, 213, 221, 227, 253, 273, 286,
291).
, . , ,
. .
417
7,8
5,5
5,1
18,4
7,6
26,0
6,9
2,2
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17,4
25,1
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21,6
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5,8
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4,5
-2,5
2,0
418
(100% 1890 ., 1890 .), 126,6% 1873 ., 87,1% 1879 ., 87,0% 1885 ., 96,7% 1892 ., 111,6%
1895 ., 150,0% 1900 ., 136,3 1905 ., 138,1% 1910 ., 142,5%
1913 .716
, .
,
, 150175 (28,533,4
1913 .).
,
.
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,
.
-
.
, 717, ,
1890- .
1897 ., .
, , ,
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( ,
)
- . ,
Triumph of the Optimists: 101 Years of Global Investment Returns / E. Dimson, P.
Marsch, M. Stanton. Princeton, MA: Princeton University Press, 2002. P. 313).
716
Mitchell B. R. British Historical Statistics / B. R. Mitchell. Cambridge: Cambridge
University, 1988. . 688.
717
18731897 .
419
. ,
.
1890- .
-
. 1890- -.
,
.
, ,
, . , , , .
. . , ,
718.
, 719 1890- ,
, NYSE
,
( ,
.). ,
718
, ( , 4% 5 6% ) (Neal L. / Why Did Finance Capitalism and
the Second Industrial Revolution Arise in the 1890s? / Neal L., Davis L. // Financing
Innovation in the United States, from 1870 to the Present / Ed. by N. Lamoreaux, K.
Sokoloff. Cambridge, Massachusetts: The MIT Press, 2009. P. 137138).
719
1910 . 68,5% -
NYSE; 21,2% - , 10,3%
, . -
90,6% NYSE,
- 1,5%, 7,9%.
420
,
. , , , .
, , .
, , , .
.
(Investment Trusts,
. trust ) . 720, ,
. .
, ,
( 500 1000 , ),
, ,
.
.
, . ,
. , .
720
10 . ;
.
421
XVIII ( Eendfragt Maakt Magt,
1774), (Societe Generale des
Pay-Bas pour favoriser l`industrie Nationale, 1822). 1868 . Foreign and Colonial Government Trust,
( Foreign and Colonial Government
Trust ).
,
.
, 1873 . Scottish
American Investment Trust,
. Scottish American, 1888 . , ,
.
1886 . 29 , 1890 . 101;
5 50 721. , 1880- (
, ). , 1890 . 29%, 101 50
.
,
( 1862 . ).
, 1900 .
ompany Act ,
.
, () -
721
422
722,
.
6% ( 4%).
( 10% ),
.
.
Railway Share Trust Company, 1873 . 2 200 . 1
, 1 . , 6%.
200 200 1 . Railway Debenture Trust Company, , ,
, 1650%.
200 3500 ;
723.
. . ,
724.
, ,
,
1907 . ,
.
722
423
1890 .,
. ,
, - ,
,
725.
, ,
, , .
,
,
. 1880- The Economist ,
, , 67%.
, 726.
, 18301840- 727. 725
424
( , , 1825
1890 .), . , ,
,
,
.
1825 .,
.
1870- , 1873 ,
728. . , ,
. I .
3,68 ; 18211830 . 31,38
, 18511860 . 57,99 . ( I . 7%
, 18%). 1850 1913 .
, . , . .
. 3%,
5%. ( , 5% ) (Berend
I. An Economic History of Nineteenth Century Europe. Diversity and Industrialization / I.
Berend. Cambridge: Cambridge University Press, 2013. . 303).
728
, , 18721873 .,
, .
12
1872 ., 10,9 1873 . 4,2 1874 . 4,234 1873 . 1,59 1874 .
[1874] ,
[1875]
, , (, , // . 1875.
11. . 217).
425
(, , ) ( 75%
),
, .
1914 30
, 450 . 10 , 50 . ,
, ,
1913 . 1999 .
1913 . 11,9%
( 1970- )729. ,
, ,
1913 . ( 1,09; 0,99; 0,78;
0,44; 0,39)730, 1990- .
,
,
. ,
, , , .
( 66% 25%
1870 . 5% 1900 .)731,
729
, .
730
,
1913 ., 1999 .,
3,23; 2,25; 2,03; 1,77;
1,52; 1,22; - 1,20; 1,17;
1,13 (Rajan R., Zingales L. The great reversals: the politics of financial
development in the twentieth century / R. Rajan, L. Zingales // Journal of Financial
Economics. 2003. Vol. 69. . 15).
731
Smith M. A History of the global stock market. From Ancient Rome to Silicon Valley /
. Smith. Chicago: University of Chicago Press, 2004. . 87.
426
, , , 732 .
I 60 ,
, 35
, 1215 , 10
(, .). , , - .
( , ) , , .
. 26%
, 24% (
, ), 20% , 16% , 9% , 5% ( )733.
1880 . 1913 .
44 . ( 2).
2
-
(1913 .)734
18,3
8,7
42
20
732
, , .: Davis L. E. Evolving financial markets and international capital flows: Britain, the
Americas, and Australia, 18651914 / L. E. Davis, R. E. Gallman. Cambridge:
Cambridge University Press, 2001. . 753838.
733
Kenwood A. G. The Growth of the International Economy, 18201860 / A. G.
Kenwood, L. Allen. London: Allen and Unwin, 1971. P. 43.
734
Cassis Y. Capitals of Capital. A History of International Financial Centres, 17802005
/ Y. Cassis. Cambridge: Cambridge University Press, 2006. . 78.
427
5,6
5,5
3,5
2,4
13
12
8
5
12,0
10,5
8,5
6,0
4,7
2,3
27
24
19
14
11
5
, , , , . (43% , 1913 . 46 ;
20%, 13% 1314%)735.
. 1820 . 64% , 1914 . 5%,
(, , .). 1850 . 93% , 1914 . 33% , 27% , 40% . ,
(29%
, 15% , 23% )736.
735
428
1900 . ( 34,01 .737)
( 3).
3
-
( 1900 .)738
.
( 51%, ,
41%, 8%)
14,25
60
( 66%, 23%,
11%)
11,4
31
( 51%, 29%,
20%)
8,36
23
10,88
32
( 66%, 51%,
8%)
(0,9 ). (5,4 ),
, (2,0 ), (0,9 ). (4,2 )
(2,4 ), , (1,7 ) (Morawski W.
Historia Finansow Wspolczesnego Swiata Od 1900 Roky / W. Morawski. Warszawa:
Difin, 2008. S. 13).
737
1913 . 1 = 0,19 . (
1913 . .: . . / . . . : , 1925. . 13).
738
: . . , :
/ . . . .: - . -, 1967. . 6162.
, -, . , , ( . . / . . . .: . - . -, 1957. . 180).
( . / . . .: - -, 1956. . 160).
429
( 51%, 29%,
23%)
12,24
36
, , (
20%, 11%)
10,88
32
41%,
,
, . , , ,
.
,
,
; . , ; , (, ),
.
, , ,
. 1870 . ( ) 39% ( ), , 1913 . 64%739.
. , (, , , , ) ,
.
739
Smith M. A History of the global stock market. From Ancient Rome to Silicon Valley /
. Smith. Chicago: University of Chicago Press, 2004. . 103.
430
1875
1913 .
( )
, , , -.
,
1913 , 1929
.
( 4).
4
(1912 .)740
( )
150
56,25
28,85
140
52,50
26,92
115
43,13
22,12
110
41,25
21,16
35
13,25
6,73
26
9,75
5,00
16
6,0
3,08
850
318,75
163,46
20
24% , 21% , 18% , 16%
, 5% , 4% -, 2% ,
2% , 8% ( 5).
,
741.
740
431
1913 . 16,4% (
41%, 26%, 19%, 11%,
6%, 2%)742.
5
(1910 .)
743
744
24
4,8
42,5
10,6
18
3,6
39,3
9,17
21
4,2
76,1
5,52
16
3,2
60,5
5,28
0,8
52,8
1,5
0,4
35,6
1,1
0,4
50,4
0,79
1,0
171,0
0,58
1,6
( )
(60%)
(40%). 1880-
,
( 1883 1893 .
2,2 . ,
, 0,5 (46%
) 1875 . 1,9 (64% ) 1905 . (Mauro P. Emerging markets and
Financial Globalisaton / P. Mauro, N. Sussman, Y. Yafeh. Oxford: Oxford Univ. Press,
2006. . 4, 1214).
742
Michie R. The Global Securities Market. A History / R. Michie. Oxford: Oxford
University Press, 2006. . Table 5.1.
743
Michie R. The London Stock Exchange / R. Michie. Oxford: Oxford University
Press, 2004. . 4.
744
, , , , .:
. . . 3 . . 2 / . . . .: - -. , 1959. . 559, 568, 619, 667,
724.
432
472
1,1 )745.
, (14%
).
12,5%, 5,1%, 3,2%, 2,1%746.
,
, ,
,
.
. ,
, ,
.
747.
1882 .
1873 .
67 . , . ,
,
.
,
. 1880 . 745
Smith M. A History of the global stock market. From Ancient Rome to Silicon Valley /
. Smith. Chicago: University of Chicago Press, 2004. . 86.
746
Michie R. The Global Securities Market. A History / R. Michie. Oxford: Oxford
University Press, 2006. . 84, 120, 126, Table 5.1.
747
, , , 1860 1900 .
8 , 1913 . 14,5 .
( ) 1860 1900 . 2,7 , 1913 . 8,2
(Berend I. An Economic History of Nineteenth Century Europe. Diversity and
Industrialization / I. Berend. Cambridge: Cambridge University Press, 2013. . 390).
433
, 18791880 .
, ,
, , 748.
,
,
, ,
749,
. , .
1870-
,
, .
, 1881 .
1870- . 1880
. .
,
, 1873 1886 .,
1880- . , 18791880 .
, 1882 .
750. , , , 1870- 1880- ,
( ) .
748
434
1880-
751. 752. 1880- ,
1,7 , ( 1,5 )753. , 1880- ,
,
, ( )
754 , ,
, .
, , 1880- , ,
, .
18791880 ., 1882 .
, ,
, 1873 1890 .
1870- , . , , 755.
, 1890 .
18721873 . .
751
1845 . 16 . ,
1880- 500 . .
100 .
100 . 1840 . 7,6 1886 .
752
18601887 . 126 652 . ,
1,5 , 0,2 (Neumann-Spallart F. Ubersichten der Weltwirtschaft,
Jahrgang 18851889 / F. Neumann-Spallart. Berlin: Verlag fur Sprach-und
Handelswissenschaft, 1896. S. 636637, 651, 686, 703).
753
.
, .
754
, 1866 . 1877
. 33,3%, 1877 . 1883 . 16,8%, . . .
755
Depression of Trade and Industry. Final Report of the Royal Commission appointed to
inquire into the Depression of Trade and Industry. London, 1886. . XVI.
435
436
, ,
1882 . .
1870- 1880- , ,
1880- .
, . 1880-
1873 .
, , 1882 . , . - 1882 ., 1883 .
;
1885 . , , , , , , , , .,
757.
1880-
, 1882 .,
1887 .
,
. ,
758. .
1880- , .
, ... , , , 757
LEconomiste Francais. 1884. 20. IX. P. 355; Economist. 1882. 21. 1. P. 76;
1885. 2. V. . 540; Deutsches Handels-Archiv. 1885. Teil I. S. 89, 350, 358,
364, 416; 1886. Teil I. S. 133, 284, 413; 1886. Teil II. S. 3, 202, 629, 674, 714.
758
Commercial History and Review of 1888 // Economist Supplement, 1889. . 22.
437
, ... 759.
, 760. 18821893 .
, ,
800 ; 5
(200 ). 5 ( 250
)761. , 762.
1890- 1882 1892 . 366 531 ,
2,3 4,6 . , , , 18851889 . 2,5%,
.
18881890 .
. 8137
834 763. 4176 , 775 .
759
438
; .
. 1889 . 8 ( 1872
. 5,2 , 1881 . 3 ). . ( 1886 1890 . 1 .).
- . 75% 25% ... ... - .
. , 764.
1889 .,
. .
, , 765.
, .
.
4 . 18821889
764
, ,
,
(Economist. 1889. 12.1. . 3839).
765
, ., . , , , , . ,
(Commercial History and Review of 1889 // Economist Supplement. 1890. . 3).
439
. 300
841 766. , ,
,
.
, , 65
767.
1890 .
18871888 ., , , 1890 .
, 1893 . 1889 . , ,
. 1890 , ,
1890 . .
,
.
1890 .,
, ,
.
, ,
. ,
766
1889 . 132 465 . (
18801892 . 11 . ,
30 . .
767
. 841 , 18821889 .,
500 , ,
. , . .
440
Baring Brothers.
,
.
,
.
, 768.
1890 ., ,
- -
. .
,
.
1890 .
18,6 ( 22,5 ), 3% 6%. ,
, 769. 3 1,5 770.
1891 ., .
1890 1893 . 30 .
54 . 354 1888 . 97
1893 .
. 1890 .
, 2
25%, 45%771. 768
30 , 1888
1890 ., . ,
1888 . 28
(Economist. 1890. 12.VII. . 891; Raffalovich . La crise de Londre en novembre
1890 / . Raffalovich // Journal des Economistes. T. IV. P. 324).
769
Economist. 1890. 15. XI. . 1440, 1441.
770
,
, , ( . . -
(19001901 .) / . . . 2 . . 1. .: .
.. , 1904. . 76).
771
Commercial and Financial Chronicle. 1891. 3. 1. . 13.
441
.
,
,
, .
, 15
.
, , , 1890 . , .
-, .
, -
. , ,
. , 1893 . , 772.
1890 . -.
, , 773. 1890 .
, ,
. 1890 .
, .
772
, , , .
, . , . ...
(Economist.
1892. 19. III. . 381; 1893. 28. I. . 99).
773
Vills P. La consommation et les crises economiques / P. Vills. Paris: Giard et
Brire, 1903. P. 345.
,
(Raffalovich A. Les crises commerciales et financieres depuis 1889. Paris: Guillaumin,
1900. . 51).
442
1890-
1890 . , ,
180 . , ,
.
, , , .
.
, , .
1893 .
, 1895 .
, . 1894 .
; 1895 .,
. .
, . ,
774.
(
),
.
,
, ( ), . 774
443
, ,
, , . , ,
775.
1895 . ,
, .
1897 .,
. , 1898 .,
776.
1890-
, ,
,
.
1980- ,
. , ,
. . 777.
, , ,
, , . 18921902 . , ,
775
1900 . // , .
1901. 7. . 365372.
776
Commercial History and Review of 1898 // Economist Supplement. 1899. . 1.
777
56,8 1883 . 62,9 1891 . 79,2 1900 .
0,76 1891 . 1,82 1900 . (Wagemann E. Struktur
und Rhythmus der Weltwirtschaft - Grundlagen einer weltwirtschaftlichen
Konjunkturlehre / Wagemann E. Berlin: R. Hobbing, 1931. S. 389).
444
3040 .
,
1880- . ,
1890- , , ,
.
.
, 45 18711875 . 60 18961900
.778 (
28,2 , -
6 ).
.
, , . ,
18971899 .
7 . 1899 . 516 ,
450 .
- 60% , 850 ,
400 .
, , .
779,
. ,
778
31 1876
1880 .; 22,3 18811885 .; 40,4 18861890 .; 40,4 1891
1895 .
779
12,1 . 18861890 . 14,8 . 18911895 . 25,1 18961900 . 1150 .
1027, 634, 1389; 1100, 578, 1998 . 2301, 2917, 5029; 2100, 2425, 6031 ( . .
(18211938 .) / . . . .: - , 1939. .
543, 703, 762, 801).
445
. 1899 . ; . , , .
, . ,
,
, , .
,
780.
, I (18551916): ,
, , ,
,
!781.
1900 .
,
,
: - , ,
, , , -
780
1900 . // , .
1901. 7. . 365372.
781
, ,
, , , , ,
( . / . . http://lib.ru/POEZIQ/WERHARN/
verhaeren1_1.txt).
446
. 1899 . 782.
1899 .
, 1890-
.
.
. - , .
,
-,
783.
1900 784.
1900 . 1,5 ,
30%. 75 1899 . 56
1900 .
782
,
7%, .
, . ,
1899 1900 . , 12%, , 2,3% ( 1900 . // , . 1901. 7. . 366).
783
- . 1899. 17 . 1899 . 11,1% ( 1988 . 2,4%), 6% ( 1898 . 4%),
7%. , (Loeb E. Die Berliner Grossbanken
in den Jahren 1896 bis 1902 / E. Loeb // Die Storungen im dt. Wirtschaftsleben wahrend
dj. 1900 ff. Bd. 6. Leipzig, 1903. S. 294).
784
,
,
,
. 3,81% 1890
. 1,62% 1894 .,
4,40% 1900 . 3,50% 1890 . 0,92%
1895 ., 3,64% 1900 . (
1900 . // , . 1901. 7. . 365
372).
447
785
, ,
1900 : , , . , ,
, 1899
1900 . 182 . ( 1900 . // , . 1901. 7. . 366).
786
Pommeranbank-Gruppe (Pommersche Hypotheken-Aktienbank), Berlin und Meklenburg
Strelitzsche Hypothekenbank, Dresdner Kreditanstalt und Leipziger Bank.
787
Helfferih K. Der deutsche Geldmarkt 1895 bis 1902 und Der Kurzfristige Kredit. Die
Kreditbanken und Die Krisis (Vereins fr Socialpolitik. Vol. 110) / K. Helfferih.
Berlin, 1903. S. 7577.
788
Commercial History and Review of 1900 // Economist Supplement. P. 1.
789
1900 . // , .
1901. 7. . 367.
448
, : 1524 ,
2967 . 9
253,5 ( , 3001200 ). 790.
.
, , , ,
. -
(, , , .),
.
; . , , .
, , 791. , . 1900 .
, ,
1900 . ( 1901 .
2,8 , 1898 .); 5%,
11%792.
790
1899 1900 .
11,2 11,8 ,
. ,
22,1% 1899 .
40,4% 1900 ., ,
, 1900 . , 59,56% , 72,34% 1899 .
,
, ( 1900 . // , . 1901. 7. . 369).
791
LEconomiste Francais. 1902. 9. XI. P. 637638.
792
(18941895 .) 350 , 1890- .
,
1900 . 1898 1899 . -
449
1900
18951896 . , ,
793. 1900 . ,
,
( U. S. Steel).
, ,
.
19051907 .
. , ,
. , , , .
1900 . 1903 . 1901 . ,
.
, -,
, ,
,
794.
, 1900 . , , .
( 46%, 27%) (
18481935 . [. . ], . 13. . .: , 1937. . 269278).
793
1900 . // , .
1901. 7. . 365.
794
,
,
, , . , , .
450
1904 . ,
, 1904 . , 1905
795.
, 1903 ...
- 796. 1902 . ,
797. 1904 .
,
, 1904 .
1903 . ,
.
1900 . 1907 .
.
415 , 861 , 767 . ,
, 798.
. 799, .
( // , . 1901.
27. . 43).
795
Commercial History and Review of 1904 // The Economist Supplement. London,
1905. P. 1.
796
Calwer R. Das Wirtschaftsjahr jahresbericht iiber den wirtschaftsund arbeitsmarkt / R.
Calwer. Jena, 1904. Teil II. S. 1.
797
, ,
, , ;
, , , , (Commercial
History and Review of 1904 // The Economist Supplement. London, 1905. P. 1).
798
1909 . 2
(500 , 700 ) (Dunn R. American Foreign
Investment / R. Dunn. New York: B.W. Huebsch and the Viking Press, 1926. P. 2).
799
13,5 1883 . 18,5
1900 . 27,0 1907 . 1,4%
18821891 ., 2,6% 18911900 ., 5,2% 19001907 . 1% 18901900 ., 5,6% 19001907 .;
4,7% 3,9%; 3,3% 5,8%; 1,1% 3,8%.
451
800.
801. ,
( 19031907 .
; ). , 1900 .802
60,0
18961900 . 93,5 19031907 .
( 56%).
803. , . . , , 7075% ; , 57%.
,
.
1907 .
1907 .
,
804. , ,
.
800
18861890 . 12,1 . , 1896
1900 . 25,1 ., 19031907 . 22,4 . 1,0 .,
1,5 ., 0,8 .; 2,3 ., 5,0 ., 2,4 . .
801
,
19021906 . 7 12%, 6
11%, 11 17% . .
802
519
1889 ., 683 1900 . 727 1907 . ( 32% 1893
1900 . 7% 19001907 .). 923 , 1683
, 1834 ( 82% 9% ). 4198 ,
6631 9032 ( 58% 36%). 2894 , 6525 ,
11 347 ( 126% 74%).
803
80% ( 15,3 27,6 ), 115% ( 10,5
22,6 ). -
( ) 38% ( 6,0 8,3 ), 24% ( 28,2 35,0 ).
804
, , CIIIA . -
452
, , ,
805. 1907 .
, , .
,
806.
1907 . ,
,
. 500
300 , .
6% ,
,
. ,
- ( 45% ). , , , .
1906 .
4% 1905 . 6% 1906 ., 6% 7%,
5,8% 6,3%. (
610%).
1906 . Union Pacific 1899 .
Amalgamated Copper Company 153 ... 1904 .
13,1 , 1907 . 25,8
. ,
, , , , , , (Noyes A. D. Forty
years of American finance / A. D. Noyes. N. Y.: G. P. Putnam's Sons, 1909 (reprint:
Ayer Publishing, 1980). P. 315316, 318319).
805
, (,
, ), . ,
(Feiler A. Das Ende der Hochkonjunktur. Rckblicke auf das Wirtfhaftsjahr 1907 / A.
Feiler. Frankfurt /.: Neuer Frankfurter Verlag, 1908. S. 45).
806
Commercial History and Review of 1907 // The Economist Supplement. February
1908. P. 1.
453
, 6 10%,
35 . ,
, 130 ,
-
284 .
, , . , -
. . ,
36 . ,
6% , ,
. ,
, . 1907 . 13
20%, 2 807.
, 1907 . ,
1
. ,
, 610% 808. ,
, ,
.
1907 . 809.
807
454
1907 .
. 20 11% , .
, 20 20 12%. -
.
1907 . , . , United Copper Company, , 14 16
60 10 810. -
. 6%
130%. 34%, 40%. 70
, 1907 .
3128 , 1522
. , , .
; ; ;
,
-811.
.
,
812. 500 .
... . ,
(Esslen J. Konjunktur und Geldmarkt, 19021908 / J. Esslen. Stuttgart: J.G. Cotta,
1909. S. 2729).
810
Hasenkamp . Die wirtschaftliche Krisis des Jahres 1907 in den Vereinigten Staaten
von Amerika / . Hasenkamp. Jena: G. Fischer, 1908. S. 1314.
811
Sprague . History of Crisis under the National Banking System / . Sprague.
Washington: Government Printing Office, 1910. P. 259.
812
Andrew . Substitutes for Cash in the Panic of 1907 / . Andrew // h Quarterly
Journal of Economics. 1908, August. Vol. 22. P. 497498.
455
, ,
. . .
34%813. .
, 1
814,
600 815. . ,
... , ,
, ,
, 4 816.
817, , 24
, 35 . , , ,
( 10 50%).
1873 .
, 22 -... , ,
,
-
813
456
818.
,
. , 819.
1907 .
. 1907 .
, 820,
17 , 1856
., .
. ,
, , ,
. ...
,
... ,
, ,
821.
1908 ., .
1909 .
818
457
1913 .
1913 . ,
1914 .
822.
1907 . ,
. .
[1908] ! .
; , , , . ; .
, , .
, 823.
.
,
, . , , .
1907 .
. . ( 1909
.), (1910 .) (1911 .).
, 822
19081910 . , -
, .
823
Feiler . Die Konjunktur-Periode 19071913 in Deutschland / . Feiler. Jena: G.
Fischer, 1914. S. 28.
458
824. , , , , ,
.
,
.
18901900 . 2,8%, 1900
1907 . 4,8%, 19071913 . 2,4%825.
,
, (
19081912 .) 104 ( 19031907 . 71 ).
( 28 19031907 . 37 1908
1912 .).
826.
827.
19101913 . .
1913 . 3% ,
1907 . ( 0,6%, -
7% ). 1912 . -
131 ( 1906 . 284 , 1909 . 215
)828
.
1913 ., . ,
824
, 1907 . 133
, 1909 . 103 1910 . (136 ), 171 1911
., 186 1912 ., 198 1913 . (Cairncross . . m and Foreign Investment
18701913 / . . Cairncross. mbridge: Cambridge University Press, 1953. P. 180).
825
5,1%,
4,5%, 2,5%. 2,1%, 1,1%, 0,9%.
, . 1896
1897 . 1913 . 18%, 11%,
37%, 38%.
826
19091913 . 1171 (1552 19031907 ., 1998 18961900 .
843 (612 19031907 ., 1341 18961900 .).
827
18931900 . 108,4%; 19001907 . 74%, 1907
1913 . 34%. 58, 36 33%. 19071913 . 24%,
17%, , .
828
. . . 3 . . 3
/ . . . .: , 1964. . 211, 218.
459
829.
1913 . - ,
1907 .,
, 1900 . 1907 .
1912 . -,
,
. -. ,
, -
; ;
;
830.
10 24
, -
3040 ,
.
1912 . .
...
831. , , , ,
1913 .832
829
,
.
830
Feiler . Die Konjunktur-Periode 19071913 in Deutschland / . Feiler. Jena: G.
Fischer, 1914. S. 132.
831
, , ... ,
19071908 , , : ? (Volkswirtschaftliche Chronik fur das Jahr 1912. Jena: G.
Fischer, 1913. S. 628630, 650).
832
4,6% 1911 . 6,0% 1912
., 1913 . 4,8% ( 1873 1907 .).
4,0% ( -
460
19111912 .
, .
- 1912 . 1913 . 18%. 131
1912 . 83 1913 . 38
1914 .
1,5 , 3,8 833.
2254 1912 . 1646 1913 . 459 1912 .
228 1913 . 106 1914 .
,
108 1912 . 74 1913 .
1913 . 37%,
.
50%. 834.
, 1913 . .
, 1912 . , . 835.
, 1912 . 1913 .
.
1876 .). 1913 . 5,9%,
, 1907 .
833
- . 1914. 7 . . 1.
834
15,5 . 1912 . 16,0 . 1913 . 18,3 . 1914 . , 1900 1907 .
835
, , , , .
,
. ,
,
; (
, . 1913. 21. . 374).
461
,
, ,
.
, . 1913 . ,
, , .
1913 ., . 1912 .
,
, 1913 .
1914 ., . , ,
836. , , ,
.
1913 ., , , ( , ) - . 1914 .
,
.
:
.
, .
,
,
. ,
,
.
836
462
, .
( - )
,
.
,
, ,
. , ,
,
,
.
Pax Britannica (
), , , ,
, .
.
.
,
, ,
.
,
,
I 837.
( ),
, - , ,
.
837
I 18 , 1853
1920 . 9,7 4,3 , 2,4 , 1,7 , 0,7 . 1880-
(1,1 ); 1900 1910 . (0,3 ); 1910 (0,8 0,4 ) (Cain P. / Economics
and Empire / P. Cain // The Oxford History of the British Empire / ed. Porter A. 5 vols.
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463
, 838.
, ,
, , ( )
. .
, ,
,
.
I . ,
839.
, ,
840, I
, , , . -
838
( ) , , ,
-, - .
839
1880 . 820 ,
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464
, .
. ?
I ,
841.
- 18701871 .
, , , . 1873
.
842.
. .
,
( , ) .
,
, , .
, ,
. , , .
841
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Belgravia, Mayfair, Knightsbridge.
846
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. ,
.
1935 . 500 ., 6% . . 1866 . 170 . , 93 . (35%). , , 1901 . 332 .
27 . (8%), 1981 . 299,2 .
4,7 . (2%). 1866 . 7,4% , 1901 . 5,5%;
1981 . 4,6% (Michie R. The City of London. Continuity and Change, 18501990 / R.
Michie. L.: Macmillan, 1992. . 14).
847
, , 30%
1881 . 18% 1911 . ( 9% 1964 .),
38%, 27% 17%; - 8%, 9% 47%.
(Michie R. The City of London. Continuity and Change, 18501990 / R.
Michie. L.: Macmillan, 1992. . 17, 30).
848
, , ,
.
467
, ( ), . London Stock Exchange (
1983 . 6,561 , 1914 .
11,263 ), Baltic Mercantile and Shipping Exchange
( ), London Metal
Exchage ( , ), . ,
,
, , , , .
. - ( ,
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, , I .
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2000 , .
468
.
.
I . , 850.
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.
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.
, I
.
851 ,
, ( ) .
,
,
. .
850
, , 1920- ,
,
.
851
40 . 1871 . (0,3% ) 70 . 1881 . (0,5%), 110 .
1891 . (0,7%), 150 . 1901 . (0,8%), 230 . 1911 . (1,1%) (Cottrell P. L. The
Domestic Commercial Banks and the City of London, 18701939 / P. L. Cottrell //
Finance and Financiers in European History, 18801960 / Ed. by Youssef Cassis.
Cambridge: Cambridge University Press, 1992. P. 3962).
469
, ,
852,
. 1902 . , . . , , ,
. ,
XXI
, I ,
.
12% , 38%
, 32% 853. , , , ,
, .
, ,
, . 854.
,
,
. . 852
. / . . .: , 2010. . 245.
DeLong J. B. Slouching Toward Utopia? 20th Century Economic History / J. B.
DeLong. http://econ161.berkeley.edu/TCEH/Slouch_Finance9.html.
854
Hobson J. A. Imperialism. A study. / J. A. Hobson. London: Ann Arbor, 1968. P.
151, 313314.
853
470
, , ,
, ,
( .).
855,
, .
, ,
,
9% ( 1913 .
, .)856.
,
,
.
,
.
,
, 1851 . 189,4 , 1875 . 892,5 ,
855
471
Imlah A. Economic Elements of the Pax Britannica: Studies in British Foreign Trade in
the Nineteenth Century / A. Imlah. Cambridge (MA): Harvard University Press, 1958.
P. 7075, Table 4. Edelstein M. Foreign Investment, Accumulation and Empire, 1860
1914 / M. Edelstein // Cambridge Economic History of Modern Britain [ed. R. Floud, P.
Johnson]. 3 vols. Vol. 2. Economic Maturity, 18601939. Cambridge: Cambridge
University Press, 2004. P. 191196.
858
Simon M. The pattern of new British portfolio foreign investment, 18651914 / M.
Simon // Hall A. R. (ed.) The Export of Capital from Britain, 18701914. London:
Oxford University Press, 1968. P. 1544.
859
Magee G. B. Empire and Globalisation. Networks of People, Goods and Capital in the
British World, 18501914 / G. B. Magee, A. S. Thompson. Cambridge: Cambridge
University Press, 2010. . 173. ( .)
94,4 18651879 . 1221,9 19001914 .; 192,4 554,8; 245,5 1492,8; 2038,3 1953,3 (
).
1865 1914 . 10 910
. 18651879 . (79,29%),
(9,55%), (7,48%) (3,67%), 19001914 . 37,40% ( ,
). 26,58%,
23,40%, 10,62% (Davis L. E. Evolving financial markets and international
capital flows: Britain, the Americas, and Australia, 18651914 / L. E. Davis, R. E.
Gallman. Cambridge: Cambridge University Press, 2001. . 27. Table 1.4.1).
472
6
,
860
1873
1882 .
1882
1889 .
1889
1899 .
1899
1907 .
1907
1913 .
1,9
2,2
1,6
1,2
1,6
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0,8
1,5
17811800
10,4
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2,0
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10,3
1,7
1,1
18311860
10,4
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0,9
18611873
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4,5
0,9
18731913
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860
473
2
6 1840- , 1520 1850- , 3540
1860- , 55 1870-, 90
1875 1884 . 7085 , .
19001904 . 130 ,
145 19051909 .; 175 19101914 .862
. 1890- .
1895 . 1897 .. , 1890- , , 863.
, 864.
862
474
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,
18,5% 1853 . 32,0% 1873 ., 49,4% 1893 .
43,4% 1913 .
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(21,1% 21,3% 1913 .).
70,2% 37,8%, 18,4% 13,5%.
1,1% 5,0%, 4,0% 6,4%. 1,8% 1,4% 3,5% 9,6% .
, ,
475
476
,
, ,
, , , 870.
.
, , ,
, , .
( ), , ,
, , . , ,
871.
, ,
(The
Times, Daily News, Morning Post, The Standard, Pall Mall Gazette)
(The Economist, The Empire
Review, Colonial Quarterly, Money, Railway Times, Standard of
Empire, Statist .)
( )
250 . 1870 . ( 1,5% , 31,256 .) 1 1913 . ( 3,5%
46,649
870
477
.)872. 1870 .
, ,
1913 . , .
.
, . I . .
873
,
, , . .
, ( -
872
Davis L. E. Evolving financial markets and international capital flows: Britain, the
Americas, and Australia, 18651914 / L. E. Davis, R. E. Gallman. Cambridge:
Cambridge University Press, 2001. . 153.
873
,
. V , .
, , . .
.
1666 ., 13 . . , ,
, -,
.
1774 . . 79 , 15 . , .
,
, .
478
.
).
1870 1914 . , , 250 .
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155,1 5
, 7,1
, 4,4 . 1914 . 551,0
6,1; 44,4; 44,8 875.
(Post Office Savings Bank), 17 1861 . , 876.
1873 . 1880- , . 80-
874
479
, 70- .
: , , 1882 . 877; 1884 . , 1873 .,
.
878.
. ,
. , ,
, , .
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.
1873 .
, , , 1880- . , , ,
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, , , .
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.
877
480
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, ,
, , , 882.
, 1870- .
, ,
, 883.
.
,
. ,
,
,
, 884.
,
, 885.
881
Depression of Trade and Industry. Final Report of the Royal Commission appointed to
inquire into the Depression of Trade and Industry. London, 1886. . 1.
882
1888 . 365 52
. . 79 6 . .
;
, , (Economist. 1889. 12. I. . 38). , ,
(Commercial History and Review of
1890 // Economist Supplement. . 21).
883
Economist. 1889. 12. I. . 38.
884
Noyes A. Forty Years of American Financial History / A. Noyes. N.Y.: Putnam,
1898. P. 157.
885
1870 1890 . , , , , . , . , , 1882 1889 . 1 . 1881 . , , . ,
, ,
, .
481
( 1884 1889 .
50%). ,
, ,
, .
1889 . . ,
, (
6%). ,
. , , .
1890 ,
,
, , ,
.
1870 1890 . 1,8 3,4 . , , . 1880- . , , . , 1880 1890 ., 50 ( )
78 , ,
, .
, 30 ,
. , , 5 1885 . 23,2 1889 . (Marichal C. A century
of Debt Crises in Latin America: From Independence to the Great Depression, 18201930
/ C. Marichal. Princeton: Princeton University Press, 1989. P. 131). , , . 1880-
.
, . 1870 1890 . 732 9000 . ,
.
, . 1889
270 . , 1890 . (Ford A. G.
Argentina and the Baring Crisis of 1890 / A. G. Ford // Oxford Economic Papers. 1956.
8. . 127160).
482
, .
,
.
,
,
,
. ,
,
, 886.
(Baring Brothers & Co)887,
.
30
( 1888 .
28 )888. 1880-
42 .
, 1888 1889 .
28 .
,
Virtus in arduis (
).
1890 .
-
886
, ,
1887 . 1888 ., -, , . 1889 . . , ,
(23,2 ) 1889 ., 17,7 1890 .
5,8 1891 . (Stone I. The Global Export of Capital from Great Britain.
18651914: A Statistical Review / I. Stone. N. Y.: Palgrave Macmillan, 1999. P. 66
67, 378380).
887
1890 .
, 1763 .
. .
,
(
).
888
Economist. 1890. VII. 12. P. 891.
483
889.
, 1890 .
- ,
. .
1890 .,
.
,
,
22,5 18,6
, 3 6%.
,
.
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.
,
, , ,
.
, ,
890. ,
,
889
. ,
,
. 26 1890 . Juarez
Celman - Carlos Pellegrini, .
, , (Ziegler P. The Sixth Great Power:
Barings, 17621929 / P. Ziegler. L.: Harper Collins Publishers Limited, 1988. P. 243).
890
,
, 27 78 . 5 (Western Railway of Santa Fe
1 , 18871889 .; Curamalan Land Company 0,5 , 1888 .; Buenos
Aires Water Supply and Drainage Company 3,5 , 1888 .; 6,5 ) (Orbell J. Baring Brothers
& Co., Limited: A History to 1939 / J. Orbell. L.: Baring Brothers & Company, 1995.
P. 51).
484
.
,
, 11 15 1890 .
, ,
.
, 89
. (
, 3
1,5 )891.
(
) Baring
Brothers & Co.
892.
- ,
,
,
. , Baring Brothers & Co
,
. ,
,
,
, . ,
, . Baring
891
.
, 14 , , , , . .
892
17 . 1 , Glynn, Mills Corrie & Co, , N.
M. Rotschild & Sons 500 . .
100250 . . (National
Provincial Bank, London & County Bank, London and Westminster bank) 750
. (Clapham J. The Bank of England. A History. 2 vols. V. 2. 1797
1914 / J. Clapham. Cambridge: CUP Archive, 1958. P. 333).
485
Brothers , .
, ,
- .
. Baring Brothers , ,
, Lehman Brothers 2007
2008 . Baring Brothers
, ,
, .
1890 . , (25
) Baring Brothers
,
.
Baring Brothers
National Provincial 45 , London and County
Banking Company (43 ), London and Westminster Bank
(32 ). N. M. Rotschild
Sons & C , ,
.
Rotschild Freres Credit Lyonnais.
,
Baring Brothers893.
,
. 1890 .,
,
. 1890 .
,
,
.
, ?
, 893
486
894. 895,
. 1891 . , ,
1890 .
. 1890 , ,
70% 896. ,
, Lloyd Bank Midland Bank, , , 1884 1891 .897
1890 . . . . , , .
,
.
18891891 . 2,5 . -
894
, 1892 . C. de Murrietta & C,
(Chapman S. The Rise of
Merchant Banking / S. Chapman. L.: Taylor & Francis, 1984. P. 80).
895
1891 . (
) 18.
18621889 . 7 , 18901902
. 11 (Sykes J. The Amalgamation Movement in English Banking, 18251924 /
J. Sykes. L.: P. S. King & Son Ltd, 1926. P. 97).
896
1890 1910 . 26,5%
43%, 38% 64,7% (Capie F. Concentration in British
Banking, 18701920 / F. Capie, G. Rodrick-Bali // Business History. 1982. Vol. 24.
. 3. P. 287).
897
1890 1914 . Lloyd Bank 33 , Midland Bank 26,
. (Cassis Y. City
Bankers, 18901914 / Y. Cassis. Cambridge: Cambridge University Press, 1994. P.
4652).
487
,
898.
1890 .
, 1893 . 1890 . : , , .
, 1880- , 899.
123 1889 . 32 1893 . 1894
. ,
1900 .900
1891 . ,
18901893 .
34 54 .
1892 , 901. 902.
, ,
. - ,
, . ,
( , , , ), . , 898
, 1890 . ,
, (Commercial
History and Review of 1890 // Economist Supplement. 1891. . 1).
899
- . . . , / . . -. .: -
. . , 1914. . 156.
900
Stone I. The Global Export of Capital From Great Britain, 18651914: A Statistical
Survey / I. Stone. L.: Palgrave Macmillan, 1999. P. 378380.
901
Money Plentiful in London // The New York Times. 1892. January 24.
902
1890
,
, , , ,
.
488
The Acute Stage of the Financial Crisis Has Passed // The New York Times. 1893.
May 22.
904
56,8 1883 . 62,9
1891 . 79,2 1900 . (
0,76% 1891 . 1,82% 1900 .). . 1890-
, 22,3 18811885 . 40,4 1886
1890 . 60,9 18961900 .
(12,3 , 22,9 28,2 )
( . . . 3 . . 2. /
. . . .: - -. -, 1960. . 420421, 424,
433).
489
(11 ),
(23 ), (22 ), (21),
(9), ,
(British South Africa, De Beers, Rio Tinto .)905.
, , 1840- .
, ,
,
906.
,
,
.
, 907.
1890- 1900 . -
1900 . 1890 . ,
1900 . , -
905
490
. , 1900 . , 908.
, 1900 19011904 .,
. ,
.
, , 909.
,
1904 . 910.
911.
1904 . ,
1907 ., (
908
- . . . , / . . -. .: -
. . , 1914. C. 165.
- 18991902 . , ,
. , , ,
.
,
(Commercial History and Review of 1902 // Economist Supplement. 1903. P. 1).
909
Commercial History and Review of 1900 // Economist Supplement. 1901. . 23.
910
( 100% 1890
.) 152,0 1899 . 128,6 1904 . ( 15%, 5
). 310
1896 . 92 1904 . ( 70%, 8 ).
51,0
26,1 ( 49%, 2 ). 9,3 . 1899 . 12,1 . 1904 ., 5 ( . . . 3 . . 2 / . . . .: - . -, 1960. . 482).
911
,
2,5%. 1900
3%,
( // ,
. 1900. 44. . 201).
491
1890
1900 . 0,3 . , 19001907 . 0,3 . . 0,8
1,0; 0,6 0,7; 5,8 8,3 . (
. . . 3 . . 3 / . . . .: , 1964. . 44).
913
Noyes A. D. Forty years of American finance / A. D. Noyes. N. Y.: G. P. Putnam's
Sons, 1909 (reprint. Ayer Publishing, 1980). P. 355356.
492
,
. 1907
.
1907 . 7%, . 1873
,
. 1907 . (711%)
(12%).
38%. ,
. 7%
, 4% , 6% 7,5% 914. . 1907 ( 1908 .) ,
1900 .915
1907 .
.
, 1907 . ,
1900 ., . . -,
. .
1910-
916.
914
European banks raise their rates // The New York Times. 1907. November 11.
30 . ,
. , , , . , (Great Brtain.
Inspection of Factories and Workshops. Report of the Chief Inspector 1908. London,
1909. . 103).
916
,
, .
, ,
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, (
915
493
494
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1913 . , . ,
, - 921.
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1800 1910 . 4%
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.
(c 1897 1908 .
634,5 1638,5 ; 50
886,3 ). . .
1897 1905 . ( 1,5
.), 1906 1907 19011913 . ,
,
(Davis L. E. Evolving financial markets and international
capital flows: Britain, the Americas, and Australia, 18651914 / L. E. Davis, R. E.
Gallman. Cambridge: Cambridge University Press, 2001. . 234; Davis L. E.
International Capital Markets and American Economic Growth, 18201914 / L. E. Davis,
L., R. J. Cull. Cambridge: Cambridge University Press, 2002. P. 8).
927
1902 . , , ,
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497
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, , , . , , (US Steel Corporation) (General Electric Company)
.
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, , - 928.
, Carnegie Steel
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, Imperial Tobacco 17,5 . ,
, .
928
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. , ,
498
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, , , , , , ,
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1890 . ( ), ,
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. 1890 . 7 1903 .
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499
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, 930.
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931
500
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,
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, .
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. .
. ,
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royallib.ru/book/sinkler_epton/deltsi.html).
934
trust ( ) trust company ( ) . -
501
.
.
, , , 935.
( ,
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. - 244%
396,7 . 1364 ,
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(
), .
,
. , ,
. .
Bankers Trust, Guaranty Trust
Company of New York, Manufacturers Trust . Knickerbocker Trust Company, 1884 . , . . .
, ,
() .
935
New York Life ,
-. Equitable Life Mercantile Trust Company, Mutual
Life New York Guarantee and Indemnity Company, Guarantly Trust Company Mutual Life.
936
Moen J. The Bank Panic of 1907: The Role of Trust Companies / J. Moen, E. Talmann
// Journal of Economic History. 1992. Vol. 52. 3. P. 612, 616.
502
1907 . ,
Knickerbocker Trust
( ) The Trust Company of America Linkoln Trust. Trust
Company of America (100 ) , Knickerbocker Trust, ( , National
City Bank, 1907 . 231,5 )937.
.
I . , ., (
,
),
. 1887 . Interstate Commerce Act, 1906 . Hepburn Act 1910
Mann-Elkins Act.
, 1865
. Commercial and
Financial Chronicle, 1889 . Wall Street Journal,
,
.
, American Railroad Journal, Poor`s Manual of
Railroad Securities ( , Standard & Poor) .
937
503
-
- (New York Stock Exchange) I 1840- .
1878 . . 1912 .
45% ,
, 69% 91% 938.
( 1890- ). , ,
. 1898 .
60% ( 1914 .
40%).
, 1913 . 11,2 .,
7,2 . ,
. ,
Western Union Company, Edison
General Electric .
- . ,
, , ,
- ( 1879 1914 . 1100
). , , , . ,
7500 I
79 500 1914 .
938
Michie R. The London and New York Stock Exchanges, 18501914 / R. Michie. L.:
Allen and Unwin, 1987. . 168170. 1880 .
644 ., 6,66 ; 1900 . 787 11,72 ; 1909 . 1327 21,138. 1909 . 1053
426 (Davis L. E. Evolving financial markets and international
capital flows: Britain, the Americas, and Australia, 18651914 / L. E. Davis, R. E.
Gallman. Cambridge: Cambridge University Press, 2001. . 316317. Table 3.5.d1).
504
- ,
. , , 1900 . ( .
) 10 , - 939. 1905 . - 75 .
1900 1913 . 250 1 ( ,
,
, )940.
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11 , 5 , , )941.
,
, 1914 . 2,65 . 1913 .
: 46% ,
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.
1873 .
1870- 1880- 939
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1879 1883 . 63,9 . (
18691873 . 45,1 . ) (Commercial History and Review of 1882.
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943
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507
. 1881 . , .
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1884 .
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, .
1884 ., , , 18801883 .
35 429 ,
. 500
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.
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, .
947
Commercial History and Review of 1882. Economist Supplement. 1883. . 1011.
508
,
948.
,
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1884 . 163%. - .
,
. 11 .
226 . 18821884 .,
.
949. 516 . ,
,
950.
. , , ,
951. 1884 . 1885 .
, 952.
1885 .,
948
Economist. 1884. 7. VI. . 689. . , 1881 1884 .
Central Pacific 100 30; Union Pacific 130 28; New York
Central 151 37; Northern Pacific 88 37 (LEconomiste Franais. 1884. 13.
IX. . 317).
949
1882 . 18,6 . , 1885 .
4,8 . .
. 1880, 1881
1882 . , 1884 .
- 250 .
(Depression of Trade and Industry. Second Report of the Royal Commision appointed to
inquire into the Depression of Trade and Industry. London, 1886. Appendix, Part II.
. 372).
950
Report on Indistrial Depression. United States Bureau of Labor. Washington, 1886.
. 242243.
951
Economist. 1884. 6. XII. . 1483.
952
LEconomiste Francais. 1886. 20. XI. . 628.
509
953.
. ,
, 954.
, 955. , 956. . , , .
953
18851892 . 190 . ,
75,4 . . 1885 . 4,8 . , 1886 . 14 ., 1887 . 21 . (Partington J. Railroad Purchasing
and the Business Cycle / J. Partington. Washington: Brookings Institution, 1929. .
68, 79). , 1887 . , - ,
. , (Economist. 1888. 21. I. . 73).
954
,
.
,
.
955
, , . ,
.
956
, 1833 ., ,
4 (Western Railroad), ;
(Cleveland E. Railroad
Promotion and Capitalization in the United States / E. Cleveland, F. Powell. N.Y.:
Longmans, Green an Co, 1909. P. 217). , .
, ,
. , .
510
, .
New York and Oswego Midland. 5,7
,
, . . , Nortwestern Railroad
Company .
,
. ,
, .
, 957. 1880-
,
. 958.
, , , 1880- . 1887
. , 1890 . 2,5 .
,
.
,
1880- . , 957
489 . 1885 . 1655 . 1887
. ( 404 . 1303 . ; 1036 1246 . ).
.
958
, ,
, 1880- , .
.
511
. 1890 . 25%,
45%. 1890 .,
, . 1890 1891 . 42%
32% ,
.
, , , .
,
.
8,9 .,
2,5 . . 185% 959.
,
, , .
5% 7,5% . 15
960. ,
.
3 . ,
1891 . .
1893 .
1890 . . 14 1890 .
959
Commercial and Financial Chronicle. 1890. VIII. 2. P. 15. 1890 . . 2
8,9 . 23 2,5 ...
. , 2 , 6,5
, 2 .
. , 20% ,
25% , 21 0,5% 6%,
186% (Commercial and Financial Chronicle. 1890.
2.VIII. . 15).
960
- 400 ,
. 9
424 851 , ..
. 860 , 930, 1500 (Commercial and Financial Chronicle.
1891. . 10. P. 2, 10, 64).
512
,
4,5
961. , ,
.
, 500 .
120 . 1893 . 90
.
, ,
. 14%
1890 . 150%
1890 .,
.
Standard & Poor 27%
1893 . , .
20 Philadelphia
Railway Company 40 .
125 . . 960 . , 1,6 . ,
.
,
National Cordage Company. 23 , 1893 1,8 .
,
, ,
.
300 . , ,
, . ,
, 12
18%. 600 961
, Sherman Act 8 1890 . (Sherman Act
http://www.law.cornell.edu/uscode/html/uscode15/usc_sec_15_00000001----000-.html).
513
8%. 600 , .
, ,
, . , 962. 7538 1890 . 11
174 1893 ., , 74,
29 . ,
1892 .963
.
, . , 964.
1894 . 12,3%, 1897 . 12,4%, 10% 1899 .965
1890-
, (
1894 . 1400 I ).
1893
1897 ., 1893
.
1890-
. , ,
, ,
. 1890-
(
10
962
514
). 1890- 30%
, 1880- ; 43%
.
1899 .
1064 ., 620 ( 1895 .
300 .).
258,5 ( 239,712 ;
18,821), 966.
, ,
, 1899 ,
1890- , , 967.
1900 .
( , ) ,
75 . 1899 . 56 1900 .
1901 . 75 , 1671
966
213,910 .,
130,118 , 17,098 , 0,7 . ,
, 442,826 .
American
Steel & Wire, Continental Tobacco, American Tin Plate . , , . . . (
. // ,
. 1899. 31. . 183).
. ,
, .
, , , ( // , .
1899. 33. . 257).
967
//
, . 1899. 33. . 254.
515
2,9 .
,
, 968.
1901 . -
, (
50%). . , ,
-
Northern Pacific.
150 ,
. , , .
(110 . 5 , 205 9 , 1000
9 ), , , 9 .
, 1901 . , ,
969.
19001901
.
, 1904 .
968
, 1901 ,
150
, (Moody J. The truth about the trusts: a
description and analysis of the American trust movement / J. Moody. New York:
Greenwood Press, 1904 (Reprint. 1968). P. 453475).
969
, 19011902 . , ,
1,8 , , ,
2,5 .
516
1907 .
1907 . 970. .
1907 . (, ),
, .
,
. ,
, .
.
, . , 971.
1907 1906 ., - 5,3 6,3%. 1906 . 10% , . 1906 .
,
Union Pacific ( 19041907 .) ,
.
970
(), 1907 . 38% ( 1873 . 27%, 1882 . 13%, 1893 . 27%, 1903 .
8%).
971
, ,
. ,
. , ,
- , . ,
. , , , . , , , . . , - , ,
-, ( .
/ . . royallib.ru/book/sinkler_epton/deltsi.htmlB).
517
6 10%,
35 , 130 .
,
. , 1906 . -
284 23 ., . , ,
, .
,
972.
,
, 1907 .
(
7,3% ), 6,58% 973.
1906 .,
1907 ., , .
1907 . , 974.
1907 . (
, ), ,
17 1906 . ( 350 .), ,
.
Reibnitz K. von. Die New Yorker Fondsbrse (Stock Exchange): ihre Geschichte,
Verfassung und wirtschaftliche Bedeutung / K. von Reibnitz. Fischer, 1912. . 96.
Bruner R. F. The Panic of 1907. Lessons Learned from the Market`s Petrfect Storm /
R. F. Bruner, S. D. Carr. New Jewrsey: John Whiley & Sons, 2007. . 7.
974
, ,
.
973
518
.
, ,
1907
975. 1907 , 1907 .
20072009 . ( ,
).
. , , ,
. ,
13 , 20%,
2 . .
,
, United
Copper Company, , - ,
, . .
-. .
Amalgamated Copper Company 75 ., 1898 .
. Standard Oil,
.
United Copper Company, 39
60 . . , , ,
, .
. . . , 14 16
United Copper Company 60 10 . , ,
.
975
Not a credit crisis // The New York Times. 1907. March 17.
519
Knickerbocker Trust
Company
22 Knickerbocker Trust Company, . . ,
,
34- -, -.
Knickerbocker Trust Company 18 000
65 . ,
, . ,
, United Copper
Company .
976.
,
(
, )
, . 1907
16 000 ( 2008 . 8400)
. -,
,
- 125130%, 150%,
. 3
4%. - 2324 , . 34%, 40%.
3128
976
Knickerbocker Trust Company , 26 1908 . (The banking crisis. The Knickerbocker Trust
Company will resume business // The New York Times. 1908. March 08.
http://query.nytimes.com/search/query?srchst=p.) , . 1912 . Columbia
Trust Company, Columbia-Knickerbocker Trust Company,
Irving Trust Corporation 1923 .
520
. 1522
.
1907 . ( Heinz Group). 1907 . ,
. ,
- .
1907 . ,
, .
1907 . , , . ,
Knickerbocker Trust. Knickerbocker Trust,
, Trust Company of America (22 )
Lincoln Trust Company (23 ).
, 24
-
60%.
Moore & Shley.
, ,
. . 1907 : ,
. , 1907 . , , .
,
1907
977.
, 977
. / . . .: , 2010. C. 162.
521
, 978
. , , ,
.
, - 979.
1907
() , - , .
1907 , ,
980.
, . ,
100 . (
2 .)981.
1912 .
, (Charles Tyson
Yerkes), -
,
982. ,
978
: . : , , .
. , ( .
/ . . .: , 2010. . 194, 196).
979
. / . . .: , 2010. . 155, 173.
, . , : . , , ( . . 158).
980
Amendt A. Beg Women for Millions. Hetty Green / A. Amendt // The Wahington
Times Magazine. 1907. December 8. P. 5. http://pdfcast.org/download/hettygreen.pdf; -. http://www.rb.ru/inform/60347.html; . . http://st.elitetrader.ru/blog/exclusive/29.html;
981
: Slack Ch. Hetty: The Genius and Madness of America's First
Female Tycoon / Ch. Slack. N. Y.: HarperCollins, 2005. 288 p.
982
, ,
522
,
983.
... , , , . , ,
, , ,
,
, .
, . ,
, ,
, , 90%. ,
, .
- . ,
,
, - , , . 6% ,
, , , , ,
. , . 90%,
. , ,
, , , , ,
. , , , ( . / .
. http://royallib.ru/book/drayzer_teodor/finansist.html).
983
, ,
- ,
.
,
. ,
,
, ,
.
.
, , ,
,
; ,
, , ( ).
523
, .
,
,
(
200 . )
.
.
,
.
.
,
, .
, 300
500 ,
,
(
), ,
.
,
, .
,
60 .
,
,
.
,
,
984.
984
,
( . / . . http://royallib.ru/book/
drayzer_teodor/finansist.html).
524
1907 . - ,
. 19071908 . 312
.
.
(George Cortelyou) -
, National City Bank
, First National Bank.
25 ,
25 ,
Trust Company of America
Lincoln Trust Company. 10 , , - 985.
, . , 25 .
- . -
. , , 24 .
,
25, 10
. -
. , .
985
30 - ,
Tennessee Coal, Iron and Railroad Company US Steel
Corpration, . Tennessee Coal, Iron and Railroad Company
US Steel Corpration
Moore & Shley, 30 - Tennessee Coal. ,
,
, .
525
,
. , 986.
1907 . .
. . ,
. ,
1907 (
)
,
,
987.
.
;
, ,
, .
,
, ,
,
986
Corey L. The House of Morgan. Social Biography of the Masters of Money. N.Y.:
AMS Press, 1930. (Reprint. 1969.) P. 339345.
987
,
Tennessee Coal, Iron and Railroad Corporation
(TCI), , .
,
(
).
, .
70% .
, ,
.
, ,
. Knickerbocker Trust ,
, .
- ,
, .
, ,
.
526
. 988.
, , 1907 227 . ,
50 . 100 ., 150 .
40 . 1907 ,
, 989, (
, , , )990. , , ,
, , .
, , , , 991.
1907 . . , - - 1906
., - ,
988
. ,
. ,
.
,
. , ,
, ( . / . .
royallib.ru/book/sinkler_epton/deltsi.html).
989
Money Crisis due to Hoarding-Hill // The New York Times. 1857. November 11.
Banks to release millions to-day. Money crisis over // The New York Times. 1907.
November 25. Money Crisis due to Hoarding-Hill // The New York Times. 1857.
November 11.
990
Beaulieu L. A Analysis of Phases of the American Crisis / Beaulieu L. // The New
York Times. 1908. January 5.
991
Sprague O. The American Crisis of 1907 / O. Sprague // Economic Journal. 1908.
Vol. 18. 71. . 354355.
527
( ,
).
,
,
.
, ,
992
1907 . ,
, . 40%, 21%, 35%.
47% , 2,8 8%.
, , ,
, . ,
,
; .
,
1907 . 6%, 7% ( 1873 .)
1908 . , 8 9%,
, .
,
993. ,
992
1907 . 37%, 11% (Moen J. The Bank Panic of 1907: The Role of Trust
Companies / J. Moen, E. Talmann // Journal of Economic History. 1992. Vol. 52.
3. P. 616620).
993
Sayers R. S. The Bank of England 18911944 / R. S. Sayers. Cambridge: Cambridge
University Press, 1976 . 5860.
528
8%.
.
, -, ,
. ,
()994.
19071908 . 1907 .,
. 1909 . , . , ,
324 1908 . 611 1909 .995
19101911 . ,
1907 . 1910 . 3,4% 5,4%.
98 1909 . 77 1911 .
,
994
1913 . Federal
Reserve System, .
,
( , ).
995
, . 0,5%. 1909 .
0,75%, 1%.
41 1909 . 94 .
- -
, ...
,
(Revue economique internationale. 1910.
Vol. I. 2. . 410411).
529
,
.
: Belle poque
, . . , , ,
.
, :
I Comptoir d`Escompte 1860 Credit Lyonnais Societe Generale. I . Credit
Lyonnais , 1913 .
. , , Banque de Paris et
des Pays-Bas (Paribas)996.
, 1863 .
Imperial Ottoman Bank Banque de l`IndoChine
.
,
,
-.
997
, .
996
, , , 277 1902
. 716 1912 ., 19001913 .
52 156 (Cassis Y. Capitals of Capital. A History of International
Financial Centres, 17802005 / Y. Cassis. Cambridge: Cambridge University Press,
2006. P. 104).
997
, (Henry Davillier,
18131882), (Alphonse Mallet, 18191906),
530
(haute banque) I .
Rothschild Freres, Hottinguer, Mallet, Vernes, Mirabaud, de Neuflize,
Heine, Demachy Seilliere. (Rothschild Freres), 50 ( Mallet Freres 7,1 ).
, 18741904 ., 500600 998.
.
. (parquet), , (coulisse), .
( ). 1870-
.
1892 ., ,
, , , ,
. 1898 .,
,
. , 999.
1890, 1900, 1907 . , (Alphonse de Rotschild (18271905), (Rodolphe Hottinguer, 1835
1920).
998
Ferguson N. The World's Banker. A History of the House of Rothschild / N. Ferguson.
London: Weidenfeld & Nicolson, 1998. . 1039.
999
.: Straus A. Auf, Ab, Auf: Der Finanzplatz Paris im 20. Jahrhundert / A
Straus // Europas Finanzzentren. Geschichte und Bedeutung im 20. Jahrhundert [Ed.
Christoph Maria Merki]. Frankfurt / New York: Campus Verlag, 2005. S. 8396.
531
. 1873
, ,
.
1875 .
,
1000. 1875
1001. 1875 .,
1002. ,
1003.
1000
[]
, 1873 ., 1850-, Credit
Mobilier, .
, , ,
,
, , (, , //
. 1875. 9. . 170).
1001
, , 5% (100
42 98%).
. ( ) , II.
- 18701871 .
( . // . 1875. 2. . 26).
1002
, 42,5 9337 ,
, - (5 ), 848
. . , 1850-
, 1870- , ,
, , , , , [] 20 5 (, ,
// . 1875. 9. . 170).
1003
, , , ,
532
, , , , -
,
. , 1875 .
-
1004 .
1875
, 1874 ,
1005.
1880- ,
1870- , 1878 1885 . 8,0 . ( 5,8; 3,6; 2,9). 1878
, , , ,
, . , , , . . ,
.
, ,
, . , . , , ,
(, , //
. 1875. 9. . 170).
1004
, 1 1875 . // . 1875. 22. . 487.
1005
, , // . 1875. 24.
. 517. ,
. , . ,
, ,
(, , Credit Mobilier) (, , // . 1875. 11. . 217).
533
1006
18811882 . 1150 , 1879 1884 . 800 (LEconomiste Francais. 1884. 2.
II. P. 126; Economist. 1885. 5. XII. P. 1478.
1007
LEconomiste Francis. 1879. 23. VIII. . 217.
1008
LEconomiste Francais. 1879. 22. . P. 347.
534
. ;
1009.
1882 ., .
, 1882 .
,
1010. , .
.
Union Generale, Credit Mobilier,
-. (1824
1904), , 1870- . Union Generale
, . ,
.
. 1881 . 3000 500
( 125 , ).
236
- ;
. , , .
18761881 . Banque de France , , 4 ,
1009
1010
535
3 . , Banque de France
, 1011.
1881 . Union Generale
( ). . ,
, ,
1012.
,
Banque de Lyon et de la Loire,
Union Generale. Banque de Lyon et de la Loire
4050%, .
. Union Generale,
3 . , 26
875 ,
. Union Generale
.
Union Generale . 3000 ,
.
1882 . Union
Generale; 1882 .
28 1013. ,
, .
, 1014.
1011
536
. , , , , ,
.
1882 . , .
, , ,
.
1169 1881 . 365 1889 ., 18811887 . 30%1015.
1882 . . 1883 . , 1884 . ,
. , , .
. , ,
1016. 1885 . . 1884 , 1885 .
. 1886 . 1017.
,
,
.
; ,
, ,
1015
1880- 1882
1889 . 63,7 . ( 18721879 . 44,6 .). Banque de
France, 1881 . 1,4 , 1887 . 0,6
(LEconomiste Francais. 1882. 16. XII. P. 761, 778; 1883. 10. XI.
P. 577).
1016
. / . .
.: . - , 1908. . 155.
1017
LEconomiste Francais. 1885. 4. IV. P. 435.
537
1018, .
1885 .
, ,
, 298 .
1886 . , ,
. 1889 ., ,
,
. Societe des
Metaux, ,
.
, , .
Comptoir National d`Escompte.
, , 1019.
1890 ( , , 350 ),
- ,
, .
, , 298 1885 . 260 1890 . 202 1895 . 1020.
1890- , 1894 .
. 4,5% 3,5% 6789
: 890 . .
1018
1019
1020
538
, 3% , 15% , ,
3,5% 104105%,
4,5% . ,
, . ,
,
, , 1021.
, .
, 60% ( 14% , 10%), 61% ,
, , , , 1022.
1900 . , 1890 . ,
.
7 20%
.
, .
1900 .,
, , , , :
, , 1900 .
1023.
, , 1021
// .
1894. 2165. 23 . . 1.
1022
1914 (Michie R. The Global Securities Market. A History / R.
Michie. Oxford: Oxford University Press, 2006. . 146).
1023
L`Economiste Francais. 1901. . 5. P. 461.
539
, , 1900 .
,
. 1900
. 1901 .,
289 , 885 , 177 ,
459 . 1810 1024.
1900 . ,
.
() 18991901 .,
, 1900 .
, 18991902 .,
.
, -. ,
,
1900 . 1025.
, 1900 . , .
, , 257 1900
. 279 1905 .1026
1024
// , . 1901. 27. . 43.
1025
,
, 28 5 1900 ., 3% 99,97
99,47; 3,5% 101,90 101,70; - 3,5% 469 461; 5% 474 461; 5% 93,90
91,20; 6% 338,5 330; 3% 23,85 22,55; 5% 476 472. ,
- .
60
, -
. , , ,
( 1900 . // . 1900. 4184. 3
. . 2).
1026
Arbulu P. La Bourse de Paris au XIXe sicle: efficience et performance d'un march
financier mergent / P. Arbulu. Paris: ditions Connaissances et Savoirs, 2007. . 31.
540
541
1029. ,
,
( 19081909 . 41% ,
1907 ., 1911 . .
1908 . 1907 . 1,5 1030.
1913 .
. ,
, 279 1905 ., 348 1910 . 6,2
( 11,3 , - 5,3 , 5,3 ).
. 1913 , , 40 . .
1913
. . (, ,
) 1913 . 1912 . 21%.
.
, , - 1913 .
. , ,
,
; ,
, 1031.
. 1913
. ( 14%). 1913 ... 1913 . , ;
1029
France Feels Sure our crisis is over // The New York Times. 1907. November 11.
L`Economiste Francais. 1909. 18. IX. . 429.
1031
The Economist. 1913. 5. VII. . 20; 1913. 25. . . 894895; 1913. 22. XI.
. 1133; 1914. 16. V. . 1129; 1914. 23. V. . 1183.
1030
542
,
; ;
, 1032. ,
, .
1033. 26 1840- , 15
1850-, 30 1860- .
. 1914 . 50
( 10 .)1034.
, , , ,
.
1012% (1692,0 ). (2569,0
), (1935,6 ) (1664,8 )1035.
(67,4% 18521881 .
29% ,
) I .,
1032
1033
543
, .
1913 . : 55% , 12% ,
12% , 9% , 4% , 8% .
, , , , 1036.
,
, ,
(, , .).
1037, ,
, . .
, 40
. . ,
, 1765 . .
1036
544
, , , .
1840-
1038.
.
1039.
1884 .
,
. ,
. , .
, - , . , ( ) . , , , , , .
, Bank fur Handel und Industrie , Schaafhausen Bank Verein . 1038
545
- 1873 .
, . .
, (Disconto Gesellschaft, Deutsche Bank .)
.
1900 .,
.
1870-
1873 , ,
,
.
1875 ., ,
1873 ., , , . ,
, ,
1040. 1880- ,
, ,
(
) ; (18221904) , (
), 1041.
1870- . ,
1870- , ,
. 1040
546
. c 1878 1884 . 5 . ( , ),
1,6 . , 1880-
,
1042.
, 90% . 1870 ,
,
. ,
, , . ,
,
.
, 1880- ,
. 1882
1884 . .
, , . .
1883 .
, 8,5
, 1872 . , , 1880-
2530% , 1872 .
1042
547
1880-
1887 .,
(- ) .
,
1043.
1880- ,
( 18861890 . 1 .
1100 ). 1880- . 1885
. 1889 . 60%
. , ,
. 18871889 .
534 ,
.
, , , , , , .
40 1044.
1890 . . , , , ,
. ...
, , .
,
1045.
1043
, 1894 ., , ( , ) , . .
1044
Economist. 1889. XI. 30. P. 1341.
1045
Economist. 1890. II. 22. . 243244.
548
, ,
... 1046.
1890 ., . , 1047.
,
1048.
.
,
.
,
.,
,
. , ,
1049.
1873 . 1897 . 345, 1902 . 300 (220 80
). . . 1879 . 1046
549
, ,
, ,
1050.
,
, Siemens AEG . Siemens Deutsche Bank, AEG Bank fur elektrische Unternehmungen . . ( , )
, . ( )
Deutsche Bank, Dresdner Bank, DiscontoGesellschaft, Darmstadter Bank,
1913 . 12%
. , .
,
, 1897 1899 ., 7
, 1899 . 516 . 5060%
, 861 .
1890-
1890-
, (
1050
// .
1904. . 2. . 47.
550
), ,
.
, ,
. 18961900 . 1,5 . 1998 .
2894 1893 .
6525 1900 . ( 126%).
1893 1900 .
17,75 , 8 , 1,5
. ,
, . 1874 1894 . 2570 3 .
1890- , 1895 1900 . 1541 2,75 . , . 1899
., 1900 . 1899 . , 1872 .1051.
,
.
, , .
, ,
,
.
,
. , , 1051
. // , . 1899. 28. . 64. 182 , 1899 .,
(32) (22).
551
,
, , , , . .. ( 7% ), , 3% . ,
18951900 .
300 . 1900 .
611 .
, 1052.
1896 . ( , , 1 1896 ., 1 1897 .)
,
1 (
, 0,5 ).
,
, .
.
, .
1053.
1900 .
1900 . , ,
1052
. - / .
// , . 1901. 49. . 447.
1053
// , . 1898. 8. . 444.
552
, 1054.
, 19001901 .
,
, 18961900 .
, . 1896 .
,
, . 1890 ,
[1901] , [ ] , 1055.
- . Pommeranbank-Gruppe (Pommersche HypotekenAktienbank) Berlin und Meklenburg Strelitzsche Hypotekenbank,
Dresdner Kreditanstalt und Leipziger Bank.
,
. .
, 392 .
.
20
1056.
. 1901 .,
1054
. - / .
// , . 1901. 49. . 447.
1055
// . 1901. 302. . 2. .
56.
1056
Economist. 1900. VI. 16. P. 852.
553
, 1057.
1900-
1900 . . 19031907 . 800 1554
.
6526 1900 . 11 347 1907 . ( 74%)1058.
,
19051907 . 9,1 ( 3,3 ; 3,9 ; 1,9 ).
, ,
21%,
(69%) (77%)1059.
, . 66%
. 1900 . 12%, 9%; ( , , .) 2%1060.
, 1907 .
1907 .,
. ,
1057
// . 1901. 302. . 2. .
56.
1058
. . (18211938 .) / . . . .:
- , 1939. . 695, 755.
1059
. / . . .: , 1928.
. 188, 206.
1060
Gmmel R. Entstehung und Entwicklung der Effektenbrse im 19 Jahrhundert bis
1914 / R. Gmmel // Deutsche Brsengeschichte / Rainer Gmmel, Friedrich-Wilhelm
Henning, Karl Heinrich Kaufhold, Bernd Rudolph, Rolf Walter. Frankfurt am Main:
Fritz Knapp Verlag, 1992. S. 135210.
554
, 11,4% 10,5
1906 . 9,3 1907 .1061
(
Haller, Soehle & C).
1 , ,
610%.
1907 . ,
, 1900
., , .
1900 . 1%, 1907 . 67%. 1907 . 1908 . 17%, 1910 , .
.
1900 . 8%, 1907 .
36% ( 1906 1907 . 63%
, 15% , 16% ).
, 1913
. 1906 .1062
,
. (5,3 1913 .)
- (5,3 ),
(6,2 )
(11,2 ). , 412
, 1913 ., 192
. , 1896 . (Borsengezetz), . , .
.
, 1912 . 5369 -
1061
1062
Volkswirtschaftliche Chronik fur das Jahr 1907. Jena: G. Fischer, 1908. S. 48.
Germany`s financial crisis // The New York Times. 1908. September 23.
555
16 666 1063. ,
1907 1912 ., 134 ( 3%), 16%,
1789 14 880 .
,
1064.
1912 ,
, - 1065.
1913 , . , . , ,
, ,
1063
, 4712
14 880 , . , 1309 ,
2253 , 645 , 426 , ( ) 1787 , ( ) 5585 . (14,8%);
(12,67%); , (11,22%); (9,04%). (21,98%); (15,48%); ,
(10,91%); (8,86%) (
19111912 // . 1913. 3940. . 1516).
1064
19111912 // .
1913. 3940. . 1516.
1065
, - .
,
, ,
. ,
, ,
, . ,
, , , ( // . 1912. 17. . 13).
556
1909 .
, .
, 1913 ...
, 1914
1066, , 1067.
.
, ...
1068.
,
1907 ., .
19131914 .
. , ,
,
1069.
.
, ,
1890- , , , (
). Deutsche-Asiatische
Bank, Deutsche Bank 1889 .
. Deutsche-Asiatische Bank
,
. .
. 1900 ., , 1066
557
, . , , .
,
,
1900- , , ,
1070.
. 1886 . Deutsche Bank
Deutsche Uberseeische Bank,
.
, - ,
.
, ,
Deutsche Bank, Disconto-Gesellschaft.
, 1914 . ( 6 .), 1071. , ( 1906 .),
26 ( 16 ),
1,2 1072. 1913 .
: 53% ,
16% , 16% , 9%
, 6% 1073.
. , , .
(
1070
1071
558
) .
. ,
, , ,
1074.
-:
- , 1867 1918 . .
-, , 1075
, .
, ( ) .
, ,
. .
,
- .
,
,
, ,
1074
.
,
, ,
( //
. 1898. 3657. 16 . . 1).
1075
XVIXVII 1918 .
559
; , ; ; ;
. .
, ,
, , ,
, .
I -
, , ,
, ,
, ,
. , , ,
,
1076. , , -
, -
,
.
1873 . 1880 . . , ,
18731888 . 1883 .;
18881895 . 1895 . 1891
1893 ., 18951896 .1077
1076
, ,
, , , , , , , .
, , . , , (Twain M. Stirring Times in
Austria / M. Twain // Harpers New Monthly Magazine. 1983, March. P. 533).
1077
0,5% 1830
1860- 1,0% 18601913 . ( 0,2% 1,1%;
1,2% 1,4%; 1,3% 1,2%; 1,6% 1,0%). ( ) 2,2% 1851
560
, - , , ( 5,5 ). -
,
1078.
1880- -
1079,
56% 75% 1080.
1081.
, .
,
-, 1873 ., -, ,
. 1873 .
.
1865 .; 4,09% 1865 1885 .; 3,42% 1885 1911 . (Good D. Modern Economic
Growth in the Habsburg Monarchy / D. Good // Economic Development in the Habsburg
Monarchy and in the Successor States. Essays. Edited by John Komlos. New York:
Columbia University Press, 1990. P. 201).
1078
-
4,9% 18801890 .;
3,4% 18901900 .; 2,8% 19001913 . ( 19031907
. 6,3%).
1079
, - .
1080
1904 1907 . .
1081
(Staats Bahn), 18% [] .
,
. , , .
, , ( // . 1900. 312. . 3.
. 3).
561
( ), 1899 .
-
1873 . ,
-
1907 ( ), .
- 1910 . ( )
2,3% ( 63%
29% , 20% , 16%
). , 5%1082, .
19041912 .
, 1873
. (
1900
1913 )1083.
-,
,
(Universalbanken, Societe
Generale, 1830- ),
,
(Kontokorrentkredit) ,
.
- .
, 1873 . 1082
//
, . 1901. 47. . 359360.
1083
1896 34
, 1905 . 92 . , Sporobanka, 1913
, , , , . 2970,0 1880 . 16 432,9
1912 . 45% 1880 . 48% 1895 . ,
1895 ., 42% 55% 1912 .
562
, ,
. , , . , .
( )
. - 1084.
, 1856 1873 .
1377 2941, 1557 1895 . 1037
1900 . , , , .
,
-
.
1085.
1084
563
1900 . ,
. , ,
.
, . , , . , . ,
. , - .
, , ,
1086.
, 1913 . , -
- .
, ,
-. , ,
, , - 1087.
, (-
// , . 1900. 43. . 187).
// , . 1901. 27. . 43.
1087
, -
125 -, 7%. 4,5% 12 24 - , 97%. -
125 , .
, -
, . 1912
658 , 340 ,
119 ., 58,2%
1086
564
1913
910 12% ,
. , -
. - , 1913 .
300 , ,
. ,
. ,
,
1088. , 1913
. ( - 4%, 3,5%,
1520%). , , .
- .
.
, .
, , , .
70% 1911 ( . / . // . 1913. 45. .
1215).
1088
, 540 131
, 47
( 70% ), 324
. , ( . / . // .
1913. 45. . 1215).
565
566
. , , , .
, ( ) 6,35 ,
.
(
),
, 9,8 0,4
1913 .
. -
85% .
.
75% .
, -, ,
. - , 1093.
-
1901 . 19 600 ( 1912 . 24 900 ).
1901 . 35% ( 1912 .
24%). . 15% (
75% ), 0,8% (20% ), 0,5% (
12%). , Successor States. Essays. Edited by John Komlos. New York: Columbia University
Press, 1990. P. 115121.
1093
- Darmstadt Bank 1863 .
- 6
5 , 1867 . -.
Disconto-Gesellschaft 5%
- ( . . -
XIX XX . / . . . .: , 1970. . 60, 65).
567
-
1094.
, . .
. , , ,
. , .
, ,
, , .
, 1095.
.
-
, ( 13% ). , 1914 .
sterreichische Kontrollbank fr Industrie und Handel ,
.
- 1890 . Deutsche
Bank Wiener Bankverein Bank fr
Orientalische Eisenbahnen,
,
, . -
, ,
.
,
, .
1094
568
- 1096.
1830- 1097. 2 1860 . ,
1894 1906 .1098 40 ( 207, 38, 26)1099.
1096
569
,
, ( ) , ,
, .
, 1917 . 1860- , , (
), 1100. , ,
.
,
, , ,
(, , ,
, ),
,
.
,
,
,
. ( )
( . 2 .
.: . , 1905. . 1. . 147; . 2. . 563).
1100
,
, , . 1860- , , ( .
. / . . .:
, 2012. . 156).
570
1101, , ,
, .
,
I . , .
, ,
.
, 1,7 ,
(. ), ( , ), . , , ,
, , .
, ,
,
,
, . , ,
, 1101
571
.
,
, , .
,
-
, .
,
, 1102.
I
.
, ,
1103, 1880
. 1914 . ,
, 1315 . (6,87,7 )1104, ,
- .
( ) 1913 .
20 266 . (118,5 . )1105.
62,31%,
43,4%, 18,8%.
1913 . 1102
572
, (17%) (16%),
(39%),
(39%), (44%), (49%), (74%), (76%), (78%), (109%)1106.
(
, , , , , , .).
,
, . .
, 1107.
,
(1312 1913 .)
.
1913 .
295 , 79, 71,
66, 35, 71108.
, 1908
1106
Rajan R. The great reversals: the politics of financial development in the twentieth
century / R. Rajan, L. Zingales // Journal of Financial Economics. 2003. Vol. 69. .
15. Table 3.
1107
(consols), , , , ,
.
1108
. .
( ) / . . // .
. 2001. .: - , 2002. 36. www.hist.msu.ru/Banks/
papers/lizunov1.
573
. / . . .: ,
2008. . 181. . 13.
1110
Michie R. The London Stock Exchange / R. Michie. Oxford: Oxford University
Press, 2004. P. 4.
574
. ,
, , .
1111, . . , 1892 1903 .
1112. , , . - ,
. , , ,
1113.
.
1873 . ( 1875 .)
1880-
. 1890- . , , ,
1111
18701913 . 3,4%
( 20,5%; 7,8%); 25,1% (
, ); 7,7% ( 15,7%; -
12,8%) ( . 2 . . 2. 1870 / . . . . .: - - , 2013. . 25).
1112
.: . . . : , 2014. . 8791. https://books.google.com.
1113
. . / . .
// . 1915. 1 . 49. . 4.
575
1114. , 18941895 .
1893 . .
1894 . 1895 .
. ,
.
1895 ., , , ,
.
,
1115.
, , . 1116.
, .
, .
, ,
1114
. . , / . . . ., 1892.
. 151152.
1115
. . . ( , , 1897) / . . .
.: . , 1897. . 20.
1116
,
90- , , ,
(- . .
: - / . . -.
2 . . 1. ., 1907. . 349.
576
, , ,
,
1117.
1895 . , , , , .
, ,
, , 1118,
, .
5% 43,5% . , .
1850- ,
.
,
,
, , 1147 ., 1/3
1119
.
1895 .
, 1895 . 1120. 1117
. . . ( , , 1897) / . . .
.: . , 1897. . 15.
1118
. 1899 . // . 1900. 3. . 5.
1119
. . .- . , .- / . .
. .: . , 1903. . 146.
1120
. . 1894 1914 . /
. . // . ., . . -
577
( ) 1121.
,
. , ,
; , , .
, 1895 . .
,
1895 .
(
350 , 820,
1400, 2500)1122,
.
, 1896 . . , 18951898 . . 3% , 3,5%
98% ,
1123. ,
,
,
1124.
1897 . . , -
.: / . . , . . . .:
, 2010. . 248.
1121
, 5000 .
5200 . 1889 . 13 600 . 1895 .,
4800 .
1122
. . / . . // . 1898. . 3. . 54.
1123
. . (18931902) / . . . .: , 1902. . 236.
1124
. . :
, .-, , , , . / . . . .: . . , 1896. . IV.
578
1125,
, .
. 1895 1899
. 864
1090 .1126
, . 100 .
1898 . 758 .,
1000 . 1897 .
5850 .1127,
.
1899
1892 . , 1899 .
36 (
1912 .).
.
, .
, .
,
1128.
.
1890 .
1125
1898 . 129,2%; 1900 .
170,8%; 1904 . 156,1%; 1910 . 120,5%; 1914 . 101,8% ( . / . . , . . , . . , . . . .: -, 2004. . 52).
1126
. . -
(19001901 .) / . . . 2 . . 2. .: . . . , 1904. .
26.
1127
. . -
(17031917 .) / . . . .: - - , 2004. . 282283.
1128
. . .
/ . . . .: , 1948. . 85.
579
1,5 ., 1900 . 3 ., 14,5 . 40%
18901900 .
. 1890-
,
.
1890- , , .
, 1129, , .
1894 1899 .
, , 1130. ,
1131.
1129
1889 1894 . ( ) 1150 . ( . .
18991901 . // . . // . 1902. . 3. .
2021). 1896 1898 . ( , .) 1896 . 126 ., 1897 . 114
., 1898 . 148 .; 388 .,
. , 500 .
( // . 1899. 309. . 1. .
45).
1130
1 1895 1535 ., 1 1899 . 2120 . 1876 1894 . 58 ., 47,5
.; 85,5 . 18711894 . 129 . ( . . 18991901 . // . . // . 1902. . 3. . 20
21).
1131
,
.
, . , ( . . 2 // . 1899. 311. . 1. . 56).
580
.
1899 . ,
.
. , , (
) (18971899)1132.
23 1899 ., .
2098 .,
, 1014 .
611
. 403 .
1133.
,
1900 . , , , , . ,
1134. . ,
1135.
, 1900 1902 . 1132
. . 18991901 . // . . // . 1902. . 3. . 7.
1133
. . / . . . .: . . - -, 1909. . 150.
1134
, , 4,5%
. , 91
92 [ ], 90.
, -
( // . 1900. 4580. 7 .
. 1).
1135
// . 1900. 4580. 7 . . 1.
581
2 280 ., .
,
.
170 ., .
, ,
- 1136.
,
,
1898
,
1137.
,
. . , .
,
1138.
1902 . . ,
.
- 19041905 .
19051907 . 1907 .
1136
582
.
1907 . ,
67%.
95%1139.
,
. . . ; , ,
. , , ,
. -
, .
.
,
,
.
. 1914 . 1997 3376,8 .1140 383 ( 21%) ( ,
500 . .)1141.
1139
// . 1913. 28. 14 . . 5.
. 1915 . .: - , 1916. XII. . . 6465;
. . / . . // .
1913 . - . ., 1995. http://lostempire.ru/index.php?option=com_content&task=view&id=208&Itemid=9.
1141
, , 1908 1913 . 937
2587,4 ., 1914 1916 . 570 1103,3 .
( . . / . . // : . .: .- -, 2000. .
105, 7). 1912 . 5001000 . (428 ), 250500
. (352), 10002000 . (296). 22 510 . ., 2 1020 .
. 2 2030 . .
1140
583
. ,
1142. : , ,
,
, 1143. , (
).
1912 .
.
, 1903 . 83
, 1908 . 119, 1912 . 262.
( 329
1908 . 597 1912 .)
( 304 904). , , 1144.
1912 . 1912 . 100250 . (526 ), 5001000 . (384 ), 250500 (236 ), 100 . (210 ) ( 1913 . [. . . ]. .: , 1913. . 280).
1142
1909 1913 . : 2475,4
., - 1378,4 ., 847,2
., 456,2 , 226,4 ., 175,0 . 19121913
., 19091913 . (2709 .)
19011908 . (868,6 .) ( . 1914. 6 ).
1143
, ,
, , ,
, , ,
, , . .
( // . 1911. 12. . 360).
1144
. // . 1913. 2. 13 .
.7.
584
, , . , .
.
, ,
, 1145.
1913 .
700 (
800).
( )
9,4 ., 1315 .
(150 ), (140),
(115), (110), - (26 ), (18), (16)1146.
. , ,
1147. (
4%). 1914 .
( ),
,
.
.
, , , -
1145
// . 1913. 1. . 1011.
. 19141915 / . . .
. . , . . . . [ .], 1915. . 13.
1147
- , , .
1146
585
1148.
19091913 . , , , . , ,
, , , ,
1149.
.
1148
, 1914 , . 2,5 , .
. . . . 4,5% 81
Credit National, Association des Banquiers de Province, Banque du Nord, Credit
Algerien;
( // . 1914. 2. . 23).
1149
. . .
/ . . .: , 2009. . 235.
586
:
(19141939)
, 1920-
1930- , Pax Britannica.
, , .
,
1150.
, , , ,
, 1151
. ,
1152,
,
, 1153.
,
. 1909 . Europe`s Optical Illusion , . , ,
1150
587
1154.
, 1913 .
. ,
. . .
, ,
20 ,
, 70%
. 9 , 5 .
, , , IX
.
1155,
,
1990- ,
.
1154
588
1914 .
...
. ,
, ,
1156. , ,
28 1914 .
.
,
. ,
,
, .
: ,
.
1914 . , , . , , .
, . ,
,
.
28 1914 . ( 11 1918 .),
.
. 27 , , , , ,
. , , .
, , ,
, ,
1156
. . 4 . . 4 / . . : , 2012. . 413.
589
. , ,
,
,
, ,
, .
, ,
. (
2008 .)
, .
1914 . , , , . ., . 1914 ., , : 1920- , , , 1930- 1157.
, ,
, , 1158.
,
, . .
:
; . , 1157
,
1910- . , ,
, , , . , . 22 , , , .
, 28 , - ,
. 28 1914 . ,
,
.
1158
Kynaston D. The City of London. 2 vols. Vol. 2. Golden Years. 18901914 / D.
Kynaston. London: Chatto and Windus, 1995. P. 610.
590
, , . , ,
- .
1914 . .
, 1914 .
.
11,3 ,
- 1159. 1914 . , - 1866 . 20072008 .,
.
, . ., ,
.
, , 24
31 ,
,
. , 1 6 , , . , (
), 7 . ,
, 8 .
.
, .
, ( ). 1891 1910 . 68% . ,
18951898 . . :
1159
591
, .
, 1160.
20- 30 1914 . 75,8 69,0 .
,
; , 1821 . 70 1161.
,
Bankers` Magazine 387
20 30 , 5,6%,
1907 . 1162.
, (
Rio Tinto Copper .)1163.
: 1914 . , ( ) . , The Economist, 1164.
1160
592
1914 . , . ,
. -
, , ,
. ,
1165. , , .
. , 60 20
. , ,
250
. , .
,
31 1914 . ( 4 1915 .).
1166,
The Globe , 31 1914 .
10:15 ,
40 5 ( 11 ). Daily Mirror,
1167.
.
Throghmorton Street
, 1168.
,
1165
1914 .
81 ( ). , , 1020% ( ). , ,
(The Loan Positions of the Stock Exchange // The Economist.
1914. 19 October).
1166
Animated Scenes at the Stock Exchanges // The Globe. 1914. 31 July.
1167
No Panic // Daily Mirror. 1914. 1 August.
1168
The Scenes in the City // Manchester Guardian. 1914. 1 August.
593
. 1169. ,
1170.
, 1914 . : 23%, 13,2%, 9,3%, 8,8%. ,
, 1920 . 46%1171. ,
,
-, 1172.
, 23 29 , . 1169
594
120
.
, 20 .
. , .
, .
,
. 3- 7 , 6 . (treasury notes).
, 29 1 30 10%,
6%, 5%1173. 13 , 4 ( ), .
1914 .
( ) 59 . ( ,
), . 1914 . , , ,
, , ,
.
,
, ,
1173
595
: ,
, , ,
. ,
,
,
.
.
, 28 , , , , , 29
; 30 . 25 27 , 3
. 31 1914 .
, -, ,
-1174, -
31 .
, . , ,
.
1920- .
, , 625 (25 ).
, (250 ), , . , .
27 , Parquet,
, . ,
Coulisse, The Economist,
1175.
1174
Noble H. G. S. The New York Stock Exchange in the Crisis of 1914 / H. G. S. Noble.
N. Y.: The Country life press, 1915. P. 9, 1213, 30, 33.
1175
France War Panic and the Bourse-Close of the Coulisse // The Economist. 1914.
1 August. ,
4,1 (165 ),
(French War Finances
// The Economist. 1917. 4 August).
, 1 1914 .
596
.
30 , 31 . , ,
, , ;
30 , 2 200 .
16 () 1176. - ,
1177.
1914 .
,
.
, . :
( , , ) ,
,
. , ,
.
, , , 5
.
1176
. , , . : , (
. . / . . // -
. . -, ,
- . : , 1916. . 1. . 37).
1177
, . 30 -
: 6%, 10%.
, , , ,
- , -
. , ,
31 , .
, , .
597
. 1920 . 30%
11,5% 1913 .1178 , , . 1920 . 169% , 155% 33% 1179.
1914
. .
,
:
125 ; 50 80 (
Schroders) . - Russian General
Oil Corporation,
, .
, 1914 ., 1920
1921 ., , , , , , . , ,
,
. ,
, , 1920- 1930-.
1914 .
.
, .
1178
598
.
: , ,
,
.
,
-.
, , 1930-
. 1920-
, 1913 ., ,
1929 1937 .,
, .
,
1913 ., ( , ) 41,4% ,
26,0% , 18,5% , 11,0% , 5,8% , 2,0% 1180.
, , .
, , .
1181
1180
599
, ,
, .
, , , .
, , . 1919 .
655 ,
400
.
.
, ( ),
. 1914 1917 .
2 . , , ,
, .
. 1914 .
, , .
, ,
-.
.
, 1182. -
600
(16 ) 12
, 5 , 4
. 17 11 ( 3 2,5 )1183. ,
: 10 7% ,
20 12% 20 12% .
39% 4%. ,
. , , .
,
.
, , . . , , .
, ,
, .
1924 . 1930 .,
1,2 , 1913 ., 315 , 133 ,
3,3 , 2,3 .
1183
Kindleberger C. The World in Depression, 19291939 / C. Kindleberger. Berkeley:
University of California Press, 1986. . 24.
-
, . ,
, , , ,
.
, ,
.
601
, , , .
( ),
. , 1929 ., , , , , . , 1931 .1184
1185.
,
().
.
, . ,
1184
1928 . ( ) 75,2%
, 1929 . 86,3%, 1930 . 81,5%, 1931 . 104,5%.
, 1931 .
, 45,9% .
89,9 1928 1929 .
82,9 1930 ., 58,1 1931 ., 56,4 1932 . (Ritschl A. Reparations,
Deficit and Debt Default: The Great Depression in Germany // The Great Depression of
the 1930s. Lessons for Today [Ed. by N. Crafts, P. Fearon]. Oxford: Oxford University
Press, 2013. P. 116).
1185
,
, ,
, .
, .
602
, , 1186.
, 1187.
1922 . ,
- .
,
1932 . ,
, , .
1188.
,
1186
,
. ( , ), ., 1865 .
1866 . 1867 . . L`Empire c`est la Pax ( ) , ,
, .
.
1187
(, )
, . ,
.
1920 . 35%, 64%, 62%, 71%, 96% (Palyi
. The Twilight of Gold, 19141936: Myths and Realities / . Palyi. Chicago: H.
Regnery Company, 1972. . 118119).
1188
,
4,86 .
,
,
(3,203,50 ) (Robbins L. The Great
Depression / L. Robbins. New York: Macmillan, 1934 (Transaction Publishers, 2009).
. 7787).
603
. , ,
-.
,
1920- 1930- . ,
,
,
19291931 . . , , 1920-
1189.
1189
, ( ,
) , ,
, . , ,
,
.
, .
,
(Chernow R.
House of Morgan: An American Banking Dynasty and the Rise of the Modern Finance /
R. Chernow. N. Y.: Atlantic Monthly Press, 1990. . 244246). 1924 . ,
. 1,5% ,
, .
, 4,35 4,78 , 1925 . , ,
. , 1925 . , , . 1920-
, ,
. 20 1925 .,
, , 1931 .
604
, ,
, ,
1928 . (
), . 19281931 .
, 30 , . 1931 . ,
24 ,
. 19311936 . , , , . , , , .
, 1920-.
, , ( ). 1929 . , ,
. ,
,
.
,
, 1913 . 5 . 1923 . 6 ,
605
50% ,
25%.
( 2
, 0,8 ). : 4,5 6 , , . (, )
-
.
1920- , 1929
., , , ,
. 1927 .
( ) 47,4% , 28,0% , 19,8% ,
14,5% , 4,6% 0,6% 1190.
1929 ., ,
.
, 1929 .
1190
606
4,5 5,5%,
; , 7,5%,
8%. ,
, , .
1929 .
1191.
, . 1929 1933 .
:
25%, ,
30% , 25%
.
40%, . .
1931 . (
, , , , , , , , , , , ). . (, , ,
, , ).
, , . , 1929 .,
.
1931 . .
,
, ,
, 1192. -
1191
. 1930 / . .
..: , 1930. . 11.
1192
1932 . 83%
1929 . (100%), 73%, 76,5%.
30% 7% 1929 .
607
50%, 50%.
40%1193. . 1931 . Creditanstalt, 250 ,
Danatbank.
,
. , . ,
.
. , , ,
, 1931 .1194
,
( ,
) . , 1931 .
, 1195.
,
, , , .
, -
1932 . : 60,2%
1929 . (100%), 30,8%, 38,5%.
1193
, , -
25%. 26%, 21,8%, 15,4%, , , 10,2% (Temin P.
Lessons from the Great Depression / The Lionel Robbins Lectures for 1989 / P. Temin.
Cambridge, MA: The MIT Press, 1991. . 3).
1194
Keynes J. M. An Economic Analysis of Unemployement (Harris Lectures, 1931) / J.
M. Keynes // The collected writings of John Maynard Keynes. Vol 13. L.: Macmillan,
1973 P. 349351.
1195
Toynbee A. Survey of international affairs, 1931 / A. Toynbee. Oxford: Oxford
University Press, 1932. P. I.
608
1196. , , , - , 1197.
1932 .,
:
, . . ,
, 1920- 1930-
,
( ) .
1930- ,
, ,
. ,
,
, 1198. , ,
(, , ,
). , , 1931 ., ,
, 1934 . (,
.).
1196
Schuker S. The End of French Predominance in Europe: The Financial Crisis of 1924
and the Adoption of the Dawes Plan / S. Schuker. Chapel Hill, NC: University of North
Carolina Press, 1976. P. 291.
1197
Hassall C. Edward Marsh, Patron of the Arts, a Biography by Christopher Hassall / C.
Hassal. N. Y. Longmans, 1959. P. 570.
1198
1935 . 1929 .,
106,6% 1929 . 1935 . 63,1%,
88,6% (100% 1936 ., 105% 1937 ., 10%
1938 .). 1936 . 68% 1929 .,
99,6%. : 110,8% 1936 ., 123,2% 1837 ., 135,0% 1938 .; 80,3% 1936 ., 80,7% 1937 ., 89,6% 1938
. (Crafts N. Depression and Recovery in the 1930s: An Overview / N. Crafts, P. Fearon //
The Great Depression of the 1930s. Lessons for Today [Ed. by N. Crafts, P. Fearon].
Oxford: Oxford University Press, 2013. P. 3).
609
1929 . 19301933 .
, , ,
, , .
, , , , .
, -
, , 6,5
, 12 107.
1930- .
. , .
1930- ,
.
,
1944 .
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, , ,
, 1199. , ,
.
, , ,
. .
1199
. / . . royallib.ru/book/doktorou_edgar/
regtaym.html.
610
: 1900 1910 .
, 10,78 22,4 . , ,
1,7 3,8 . , 4,4 1900 . ( 6% ) 7,4 1910 . ( 8%) (Burk K. Money and Power: the shift from
Great Britain to the United States / K. Burk // Finance and Financiers in European
History, 18801960 / Ed. by Youssef Cassis. Cambridge: Cambridge University Press,
1992. P. 360).
1201
, 1920-
- . 1924 .
969 ( 134 ),
1927 . 1337 (139 ), 1929 . 671
(94 ) (Burk K. Money and Power: the shift from Great Britain to the United States /
K. Burk // Finance and Financiers in European History, 18801960 / Ed. by Youssef
Cassis. Cambridge: Cambridge University Press, 1992. P. 364).
611
( 4,86 ) ,
.
1914 . , .
1914 . .
,
. 50%,
20%, , 1920 . 6% , 50% .
, 2 , , 2 4
.
: ,
, . ,
, , .
, .
, , . , ,
30%, 5%. 200 , . , , , ,
. (Federal Reserve
System), 1914 . ,
1202.
1202
612
(Liberty Loans),
. 4
, 9,4 , 18,4
22,8 1203. 1917 . 350 . , 1919 . 11 . , ( ) ,
. 1919 . Liberty Loans
1204. ,
, - -
613
,
.
, . , ( 1919 . 10 ) ( . bookmaker ), 1205.
, ,
, ,
. ,
( , ,
). .
( )
( 20 .
) 1914 . 80%, 1921
. 47%. (15 .
): 1917 . 9,5%, 1921 . 23%.
1206.
, ,
, ,
. , , 1920- , ,
1205
(
), .
, , ,
. , ,
( , ), .
1206
Smith M. A History of the global stock market. From Ancient Rome to Silicon Valley
/ . Smith. Chicago: University of Chicago Press, 2004. . 110111.
614
, ,
1929 .
, . 6,7%,
9,7%, 9,4%, 27,6%.
, , 44,1%,
80,7%, 21,1%, 111,8%. 1920 .
24,9% 16,1%. 9,8%1207.
, ,
, .
. 1917 . 3,5%,
1918 . 4%, 1919 .1208 . 1920 .
( 1920 . 1921 .
56%) 2,5 . 1921 . .
1921 . 4,5% 1920-
(Roaring Twenties ,
), 1209,
1207
615
.
,
, : , - .
, ,
. . , . ,
,
, .
-, ,
, .
.
,
1210.
, ? 1 1920 ., 1922 . , . ,
1920- , , ,
1 (19241925 .). ,
.
, ,
100 . .
1,2 . , , , 1920- , ,
( ) , . . (Roose K. Was the Great Gatsby Broke? / K. Roose.
http://nymag.com/daily/intelligencer/2013/05/was-the-great-gatsby-broke.html).
1210
.
, , . , . , , . , .
,
, , -
616
, ;
- , . C 1923 1929 . 12,6%
763 859 . , :
6 , 2
.
, 1950 1211.
1920- . (American
Individualism1212) (The Theory of the
Leisure Class1213)
(18571929), .
. 70% , .
, ,
5% 90%
, 1500
(0,48 44- ).
.
, ( . / .
. royallib.ru/book/doktorou_edgar/regtaym.html).
1211
25% ,
, 200 ( 80 , ).
1926 . 45 . , 200 .
. , ,
(Il y a 500 000 Etrangers a Paris // Le Journal. 1925. February 2).
1212
Hoover H. American Individualism / H. Hoover. N. Y.: Doubleday, Page &
Company, 1922. 72 p.
1213
Veblen T. The theory of the leisure class: an economic study of institutions / T.
Veblen. N. Y.: B.W. Huebsch, 1912. 404 p.
617
618
Range and Dividends for Selected Common Stocks // New York Times. 1921.
December 31.
1217
Sobel R. The Great Bull Market. Wall Street in the 1920s / Sobel R. N. Y.: W. W.
Norton, 1968. . 33.
619
.
(Controller of the Currency)
, . First National Bank
,
(financial supermarket).
1914 . , ,
(,
1916 . National City Bank - Halsey and Company).
,
- ,
.
. , , 1218. , , , ,
, .
. ,
, , , . . 1920-
, 1920-
( 75%).
1920- National City Bank
50 .
, 1218
Pratt S. The Work of Wall Street / Pratt S., Crowell J. N.Y.: D. Appleton &
Company, 1920. P. 216.
620
, .
,
, . National City Bank
, 1219. National
City Bank National City Company (
), 1920-
12
.
, National City
Bank , , 11 . .
, , -
- 2 . . ,
, .
,
. , , National City Company, , .
, . () , , ,
.
, I .,
.
, 1925 . 1219
621
. ,
- ,
.
, , -.
, 1920- .
,
1220.
- , .
1221.
, - , ,
,
,
, ,
1222.
, ,
1220
,
. (Geisst C. Visionary capitalism: financial markets and the
American dream in the twentieth century / C. Geisst. N. Y.: Praeger, 1990. 191 p.)
1221
Veblen T. The theory of the leisure class: an economic study of institutions / T.
Veblen. N. Y.: B.W. Huebsch, 1912 ( 1899 .).
1222
, , . . .
-
, , ,
, .
. -
25 . ; 500 ( . / . .
http://librs.net/index.php?id=123965).
622
, 1920- 1223.
, , .
, 1919
1920 ., ,
, 1921 . 4,5%,
. 1922 . 47% ( 9% 1922 . 18% 1929
.).
( 30% 1926 .)1224.
1920- ,
, , General Motors, General Electric, Radio Corporation of America
1225.
,
, ,
100 1923 ., 1929 . 1353
. 1920 . 10 . General
Electric , 1929 . 1,5 .
, - , Pratt & Whitney, Northrop Aircraft,
Sikorsky Aviation1226.
(, , )
1927 . . 1223
623
( 12 ,
). ,
, ,
.
,
, ,
,
! ,
, ,
, ,
, ; ,
, , ,
, ; , :
1227.
1920- 1924 .,
.
1925 . 25
1925 . 106 , 134
, 1925 . 181 .
1926 1927 .
.
, 1920-
, , . 1924 . ,
2003 .1228
,
, ,
.
1227
. / . . http://librs.net/index.php?id
=123965.
1228
Smith E. L. Common Stocks as Long Term Investments / Smith E. L. N. Y.:
Kessinger Publishing, 2003. 136 p.
624
. , . ,
. .
.
,
.
,
. , ,
, ,
.
, .
,
1229.
1920- ( 1925 . ). , (Silent Cal), , ( ) - .
, -,
- General Motors, General Electric, Radio
Corporation of America (RCA), Eastman Kodak .
,
1920- .
, , 405
1910 . 9,4 1929 .1230,
- (New York
Stock Exchange, NYSE) 159 1909 . 1,1
1929 . ( , 2,83,4 ).
1229
. / . . http://librs.net/index.php?id
=123965.
1230
Spieser P. Histoire de la finance: Le temps, le calcul, et les promesses / P. Spieser, L.
Belze. P.: Vuibert, 2005. . 353.
625
1920-
General Motors, 1908 . , . 1920 .
General Motors ,
250 , 30 ( 200 ). 1925 . ,
800 . (25% ) 110 . General
Motors 1920 1925 . 400%, 25 100
. , General Motors, General
Electric, Radio Corporation of America, Eastman Kodak ., , .
1 1231, , - ,
0,5 1925 . 0,757 1928 . 1,127
1929 ., 15
1913 . 34 1925 . 64 1929 . , ,
, 1232.
1920-
( 19201930 .
42%,
13%). ,
( 1921 1929 .)
. ,
,
. -
1231
Ahamed L. Lords of finance. 1929, the Great Depression, and the bankers who broke
the world / L. Ahamed. L.: Windmill Books. Random House, 2010. . 272273.
1232
Parrish M. Anxious Decades. America in Prosperity and Depression, 19201941 / M.
Parrish. N. Y.: W. W. Norton, 1992. . 227228.
626
26%,
( 19%),
2 1233.
,
,
1920- 1924 . ,
.
,
,
, - .
1926 1929 .
9,5 11,4%.
, . 80% . ( 25%
, ).
1
1920- 9,2 1929 . , , . 1929 . 6,5
.
1920-
,
. , , .
1233
, (
: 6 . / . . . . . . 4. .: , 2008. . 32).
627
.
, . , - , 4%, 1234. (
), . ,
, , , .
( -, ).
1920-
.
, ,
, .
,
1929 .,
.
( 4,86 )
1925 . ,
( ), , ( ) , .
.
.
1234
.: .
/ . . .: , 2012. . 228248.
628
1925
, , .
1927 . (
), ( ) ( ).
1925 .
. , ,
. , ,
,
. , - ( ) 4% 3,5%.
, , ,
,
.
,
, , ,
1929 .
, 1925 1928 . 200%. 1927 . - 200, ( , ) 3,3 1927 . 4,4
1928 .1235 9,2 1929 .1236 1235
629
, .
3,5%, , , 12% ,
.
,
, ,
,
.
. 3,5%,
, 12%.
Standard Oil of New Jersey.
, , ,
.
Standard Oil of New Jersey 69 ,
Electric Bond Share 100 .
(, Cities Service) , 1237.
,
, .
, 3,5%
,
1928 .
, . , , 1837 ., ) 1928 . (Sobel R. The Great Bull Market. Wall Street in the
1920s / Sobel R. N. Y.: W. W. Norton, 1968. . 117).
1237
Stock Exchange Practices. Hearings before the Committee on Banking and Currency
Pursuant to Senate Resolution 84 and S.Res. 56 and S.Res. 97: 19321934. Washington,
DC, 1934. P. 16. http://fraser.stlouisfed.org/publications/sensep/.
630
, , , . , ,
1238. ,
, 1929 .,
1927 . - : ,
, .
, ,
( ) 11 20, , , ( 1929 .
32). ,
General Motors, 1925 1927 . 2,5 ( 250 ), 4 .
1927 . 2 ,
9
.
1920- , 3,5%, ,
( 1926 .
10%,
2%).
,
( 1925 .),
, . , ,
,
,
.
,
,
(
General Electric
1238
631
40% ).
(American Depositary
Receipts, ADRs),
1239.
19281929 .
,
, .
1928 . . ,
3,5% , 4%,
4,5% 5%. ( . )
, 1927 . ,
,
1929 . 1930- 1240.
1928 . , , ,
1241. 1239
(. depositary receipt) ,
. , , -.
. 1927 . J. P. Morgan Selfridges Retail Ltd. ( , ADS).
1240
1925 1929 . 183,9
. 206,7 ., 60,8 68 .
, 67 1921
. 100 19231925 ., 1928 . 110, 1929 . 126
.
1241
, ( .
), . 1900 . 0,5% , 1903 . 1%, 1908 1922 .
0,52,5% 19281929 . 6,5% .
632
, , . ,
(
) ,
1242.
1920-
1243,
.
1929 . -
300 3801244. 100%
( 19281929 . 10% )1245.
1970 .
0,51,0% , 1980- 0,51,5%, 1990-
1,5% (OSullivan M. Funding new Industries: A Historical Perspective on the
Financial Role of the U.S. Stock Market in the Twentieth Century / M. OSullivan //
Financing Innovation in the United States, from 1870 to the Present / Ed. by N.
Lamoreaux, K. Sokoloff. Cambridge, Massachusetts: The MIT Press, 2009. P. 168).
.: .
/ . . .: , 2012. . 249260.
1242
1890- ,
.
1890- ,
1929 .
1243
, ,
50 1904 . 367 1909 ., 1936 1919 ., 2742
1929 .
0,4% 1904 . 4,4% 1929 . (OSullivan M. Funding new
Industries: A Historical Perspective on the Financial Role of the U.S. Stock Market in the
Twentieth Century / M. OSullivan // Financing Innovation in the United States, from
1870 to the Present / Ed. by N. Lamoreaux, K. Sokoloff. Cambridge, Massachusetts:
The MIT Press, 2009. P. 164, 175).
1244
- 1918 . 89,07
( ), 1919 . 119,62; 1920 .
109,88; 1921 . 81,50; 1922 . 103,43. 1929 .
. 1923 . 105,38; 1924 . 120,51; 1925 . 159,30; 1926 .
166,64; 1927 . 202,40; 1928 . 300,00; 1929 . 381,17. 1929
. 294,07 1930 . 194,36 1931 . (The Dow Jones
Investors Handbook / Ed. Maurice L. Farrell. N. Y.: Dow Jones Books, 1966. P. 50
51).
1245
Radio corporation of America
(RCA), 12 18 .
633
634
.
: ,
, . , ,
. ;
, , ,
, , . ( ) , .
. -
(Curb Exchange, )
I . , , . .
.
1908 . - (New York Curb Market Agency).
(Emanuel S. Mendels)
(Carl H. Pforzheimer).
, , -
(New York Stick Exchange, NYSE).
(Standard Oil,
Du Pont, Otis Elevator .)
- . 1920- New York Curb Exchange ,
. 1953 . New York Curb Exchange
American Stock Exchange (AMEX)
.
. ,
, 4 1928 . :
.
, , -
635
. ,
, 1248. , , , .
7 1928 .
- 4895 . , 16
6642 . ,
1925 . , , 1249.
,
. ,
8 1929 . ( International Acceptance Bank), , , , ,
. ,
. , , , , 1250.
,
,
, .
,
, , ,
.
1928 . -
1248
636
1251.
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.
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. , ,
.
Poor`s
Standard Statistics Company ( Standard & Poor),
.
,
.
, , 12 ,
, , . , , .
, 1929 . .
1929 . , .
, . ,
, . ,
250 ,
1251
Schumpeter J. A. The Instability of Capitalism / J. A. Schumpeter // Economic
Journal. 1928. Vol. 38. P. 361386.
637
30 1252.
,
, 1929 . , . , 1929 .
( ), 1 548 707 , 1 371 920 (89%) . 1,29% (120 1929 .). , 1,5 600 .
, 950 . , , , 1253. ,
1929 . 1% 1254.
,
, :
,
.,
, . 1929 ., , ,
,
1252
638
50 .1255,
.
, 1% ,
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, , , .
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. ,
.
7%, . 1929 . 7 .
, ,
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1015% ,
.
1929 . 4,5
5,5%, , . 25 1255
Stock Exchange Practices. Hearings before the Committee on Banking and Currency
Pursuant to Senate Resolution 84 and S.Res. 56 and S.Res. 97: 19321934. Washington,
DC, 1934. P. 910. http://fraser.stlouisfed.org/publications/sensep/.
639
1256
640
( Bank of Morgan,
City Bank, First National Bank ).
,
, 25%
, .
,
,
, .
,
.
, , ,
, .
1920- , ,
.
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. , ,
.
. , ., 1258.
1920- Anaconda Copper
Company Radio Corporation of America.
Anaconda Copper National City Company (
1258
641
Anaconda Copper).
- . .
, , Anaconda Copper , , . , .
, .
RCA ,
, , .
,
.
. , , , General Motors (1 ),
Crysler (0,5 ), (0,4 ), (1 ) (
). 12 . , 81
92 , 100 .
5 , , 1259.
1920-
1920- (
.), . . . 1259
Gordon T. The Day the Bubble Burst: a social history of the Wall Street crash of 1929
/ T. Gordon, M. Morgan-Witts. N. Y.: Penguin Books, 1980. P. 122.
642
.
.
,
I ., , . , 1929 .
,
.
, .
, ,
, . 1920-
, , .
1927 . 160 , 3001260.
,
.
(Charles Ponzi, 1882
1949), 1920 . .
Old Colony
Foreign Exchange Company.
1261,
1260
Investment Trusts and Investment Companies. Part 1. Report of the Securities and
Exchange Commission. Washington, 1939. P. 36. http://www.jstor.org/pss/1117833.
1261
(nternational reply coupon)
, .
.
643
,
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, , , . 1 ,
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1934 . ,
.
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644
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. 1929 .,
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. , , , . - , ,
,
. , , 1929 .
1927 . Lazard Freres General
American Investors Company c
, ,
. Lazard
Freres Lehman Brothers. 15 1929 .
The Second General American Investors Company.
1929 ., 5 ,
33 .
1928 . 186 ,
1929 .
.
265, 400
1927 . 3 1929 .
1929 .
8 , 1927 .
10 . , , ,
, , , 1263.
1263
645
, ,
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.
1920-
.
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Company.
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, ,
,
1920-. , ,
. .
, ,
, .
, ,
, , . , .
1920- , , . (
J. P. Morgan Goldman Sachs), .
646
1929 .,
. ,
-, , - .
,
.
1929 .
, , . , General Motors, ,
RCA, General Electric, Montgomery Ward .
( 10%) , 400 .
7 , 1929
. 9,2
10% ( 8,6 )1264.
, 1929 .
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647
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. , (18751967), . , ,
. , ,
,
, - 6080 ,
, .
,
1265.
, - 3
381, 826 , -
1265
Babson predicts crash in stocks // The New York Times. 1929. September 6.
P.12.
648
, 19
, 30% 20%.
, - , . , , 1266. , , , . ,
.
, , , , .
(18621945), -
, ,
1267.
3040%,
, , . 1929 . ,
,
. (126 ), 117 .
,
1927 . , ,
- .
19 1929 .
. , , .
,
1266
649
70 ,
,
. , ,
, , .
, . 15
,
1268.
19 J. P. Morgan, ,
18 , , , , . The future
appears brilliant , .
,
( , ) .
, , This document is fairly amazing 1269.
, 19 , . , . . 23
, 2,6 , .
1268
Fisher Sees Stocks Permanently High // The New York Times. 1929. October 16.
Lamont E. M. The ambassador from Wall Street: the story of Thomas W. Lamont, J.
P. Morgan's chief executive: a biography / E. M. Lamont. N. Y.: Madison Books, 1994.
P. 266268.
1269
650
1929 .
24 1929
., 12 ,
. ,
-
. , , , . 1270. ,
, -
.
Bank of Morgan, Chase National Bank,
First National Bank,
Bankers Trust Company Guaranty Trust Company of New York.
130 , ,
, . ,
- NYSE,
US Steel,
. , US
Steel, AT&T, Anaconda Copper Company, General Electric,
New York Central Railroad
.
. 28
9 . -
40 ,
14 . RCA ( 30%) US Steel
( 15%).
Cities Services,
40%.
14 . ,
,
. - 1270
Financiers Ease Tension // The New York Times. 1929. October 29.
651
, . 29
16 , 80 . . - ,
1271.
,
.
, Chase National Bank,
,
,
. , 5000 , 4
( ). ,
.
Anaconda
Copper Company, , (
, .), . ,
, . , , ,
. , , Anaconda Copper Company .
.
, . ,
. ,
,
.
1271
Crowd See Market History Made // The New York Times. 1929. October 30.
652
- , 65
; 200 , ( ) ,
.
- 1929 .
, 150 , 200 .
, ,
- ,
, . , ,
10 .
6 4,5%.
, , .
1929 .,
.
.
, , (
), , 25%
2 1272.
, . , ,
.
,
1929 . , ,
. 1925 . 100 .
12,1%; 1929 . 14,0%; 1930 .
1272
653
.: . . 1929 / . . .
: , 2009. . 173175.
1274
Anderson B. M. Economics and the Public Welfare / B. M. Anderson. N. Y.: Laissez
Faire Books, 1949. P. 222223.
654
.
1931 ., .
1929 . . - , , . 1923
.1275 1920- ,
, - ,
, ,
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.
, .
, 1929 .
. , , ,
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1275
655
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, 1929 . .
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,
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1929 ., , 40%
, 1928 .
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, , ,
1276.
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1929 . , , , ,
. ,
. 1929 1933 .
, 1276
656
. 1929 . 1930- , .
. , ,
1277.
, 1929 . , ,
,
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- , , 1929 .
1930- (
), (
20072009 . 2010- ).
,
,
,
. 1929 .
,
, , , , , .
,
, . , 1277
,
. , , , , . , . . . ,
. 1929 1933 . . 3,2 24,9%; ( .
: : / . , . . .: , 2011. . 129130).
657
, .
, ,
, ,
.
, , . -
,
1278.
1930 .
. -
1929 . 100 , . ,
. , , , 1930 .
. .
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. 1928 ., . , , , ,
1929 . .
1929 . . ,
, . ,
.
, ,
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, . - .
1278
. . / . . .: -
, , 2012. . 44.
658
, , ,
.
, 1929 . 1930-
. ,
,
-.
1930 . - (The Smoot-Hawley Tariff Act), ,
1279. , .
,
.
- .
, - .
, , .
, , ,
, , , ,
, . 20 , ,
. 61% (
5,4 2,1 ); 66% ( 4,4 1929 . 1,5
1933 .)1280.
1279
- .: . / . . .: , 2012. . 347349.
1280
Brown W. B. International Economics In the Age of Globalization / W. B. Brown, J.
S. Hogendorn Toronto: University of Toronto Press, 2000. P. 246.
( 7 1929 . 2,5
1932 .) ( 5,9 2,0 ) (Crafts N. Depression and Recovery in
the 1930s: An Overview / N. Crafts, P. Fearon // The Great Depression of the 1930s.
659
, I .,
Belle Epoque. , , ( ),
, (
) ,
, ,
.
,
.
1929 .
5%, 5%. 1929 .
3% (1,5 ), 1930 . 6% (3
). ( 25%, 50%). 1931 .,
20%,
50% 50%, 40%, 8 (15% ).
19301931 .
1929 . 1931 . . 1930 .
(Bank of the United States),
. ,
, -. ,
. 1930 . , ,
60 , Lessons for Today [Ed. by N. Crafts, P. Fearon]. Oxford: Oxford University Press,
2013. P. 13).
660
(
,
)1281. Bank of the United States ,
1282.
Lazard
Freres, 1929 .,
1931 .,
. 11
Creditanstalt, Lazard
Freres Lazard Brothers,
Creditanstalt.
Lazard Brothers 40 . ,
( 3 ),
, 4 .
, Lazard Brothers 1283.
1281
, , ,
, . , , , ,
. 1929 .
, .
- , ,
,
. - 30 - , . , , . -
, 300 . 400 .
, .
1282
1930 . .: Wicker E. The Banking Panics of the
Great Depression / E. Wicker. Cambridge: Cambridge University Press, 1996. . 24
38.
1283
, 1931 .
Lazard Brothers.
, .
, ,
.
, Lazard Brothers
, .
, . -
661
; 1284. , (
1931 1932 .)
20% ( 43 36 ). 1932 . , . 24 970 1929 . 12 207 1933 ., ,
, 8707 5606 (
27,5%)1285.
1933 ., . ,
, 1930- .
,
. 1932 . :
25%, 50%, 75% 1929 .,
10 ( 20% ).
- 41,
(General Motors 72 1929 . 2 ; RCA 101 2)1286.
, Lazard Brothers. , , Lazard Brothers.
Lazard Brothers, .
5,85 ,
Lazard Brothers,
Lazard . Lazard
Brothers 3 . Lazard Freres et Cie Lazard. , . Lazard Freres
, ,
, , , , ( . / . . .:
Companion Group, 2009. . 4647, 51).
1284
1931 . .: Wicker E. The Banking
Panics of the Great Depression / E. Wicker. Cambridge: Cambridge University Press,
1996. . 6278.
1285
Smiley G. Rethinking the Great Depression / G. Smiley. Chicago: Ivan R. Dee,
2002. . 29, 6970.
1286
Lefevre E. When It is Safe to Invest? / E. Lefevre // Saturday Evening Post. 1932.
August 6.
662
(The National Credit Corporation). 1931 .
1287, ,
. , ,
. 2% .
, 13 The National Credit Corporation ,
(American Bankers Association), Investment bankers
Association. ,
: , ,
, -.
1931 . ,
.
1932 .
(Reconstruction finance corporation, RFC)
0,5 . , , 2 ,
,
.
,
. Reconstruction
Finance Corporation , , 1287
663
664
665
, , ( .),
. ,
,
, - . ,
, , ,
, , .
, , ,
, . 1932 .,
,
.
,
, Guardian Trust Company.
, ,
;
. 1932 .
1933 . 16%
( 760 )1290.
.
, ,
.
,
1291. - 50 30
1290
666
1930 1933 .
( 12% , 10 , 13 ).
( 14 207,
4897, ). . ,
( 28 ); 5
1933 . 6 10
, .
12
, ,
, . , ,
. ,
, ,
, , ,
, ,
, ,
, ,
.
. , , , , ,
. , , , , , 1292.
1292
, : - ,
,
.
, , 3 , , . . ,
667
, , , , 13 , , . 15 . 1,5 ( 2 ).
,
.
,
.
, ( , . . 3,5 )
.
7 1933 . :
,
, , , . . ,
. ,
, ,
, 1293.
, . ,
, .
, , ,
( . / . . , 2013. http://www.e-reading.ws
/book.php?book=90802).
1293
,
,
. ,
, . , , , , 1933 .
, ,
668
1929 . .
, 1970- .
American Individualism1294, 1922
. 1920- , .
, ,
-. 1930-, ,
, , ,
, ,
, .
- ,
, . -,
, ,
. , , ,
, ,
1295.
, ,
, . , , . ,
,
. ,
,
, , ( . / . . , 2013. http://www.e-reading.ws/book.php?book
=90802).
1294
Hoover H. American Individualism / H. Hoover. N. Y.: Doubleday, Page &
Company, 1922. 72 p.
1295
Gilbert C. Mirrors of Wall Street / C. Gilbert. N. Y.: Putnam, 1933. P. 268.
669
,
, , , . , , ,
, .
, , , . ,
,
, .
: , , ,
1296.
. ,
1933 . (Banking Act GlassSteagall Act)1297, 1933 . (Securities
Act1298), 1934 . (Securities and
Exchange Act1299).
, 1929 . .
1933 .
, (37-
) . 18 1933 .
,
(
. ), , . 1296
. : . . - / . . . .: - , 2001. . 228229.
1297
Glass-Steagall Act. http://en.wikipedia.org/wiki/Glass-Steagall_Act.
1298
Securities Act Of 1933. http://www.sec.gov/about/laws/sa33.pdf.
1299
Securities Exchange Act Of 1934. http://www.sec.gov/about/laws/sea34.pdf.
670
:
. , , 50%. 1933 . 40% . 1937 . 100%, 40%.
1933 .
1929 . ,
-,
. , , . 1932 .,
- ,
.
,
, 1933 . ,
. , ,
Chase National Bank,
, , 4
. , National City Bank, 2,4 (
5% ).
, . .
, 1929 1931 .,
1300.
(18591938), 1300
671
- , 20 . , . , 10% . ,
. 1929 . , .
, , .
:
, .
, 1929 . 170
; 1301. ,
Halsey, Stuart and Company, , . ,
, , . 1932
. , . ,
, ,
, 1934 .
. , ,
: ,
1930- .
. , , ,
,
,
1929 . ,
, - , . , ,
. ,
1301
McDonald F. Insull: The Rise and Fall of a Billionaire Utility Tycoon / F. McDonald.
Chicago: University of Chicago Press, 1962. . 316.
672
60 (
) , ,
,
. ,
,
,
. , 1920- (United Corporation, Alleghany Corporation,
Standard Brands) 20 ,
35 1302.
,
, , .
,
,
,
.
, .
, ,
, .
1929 ., .
,
, . ,
. , , 10% ,
. , ,
1302
Pecora F. Wall Street Under Oath: The Story of Our Modern Money Changers / F.
Pecora. N. Y.: Simon and Schuster, 1939. . 13.
673
, ,
, , , ,
. ,
, , , 10
100 , . ,
, , , . ,
1920- ,
Chase National Bank National City Bank of New York.
, , , , , . , , 1920- , (Louis
Brandeis, 18561941), ,
.
, (
), , ,
. ,
, .
1933 .
.
,
.
, .
1933 .,
1934 . . 1933 . - -
674
. - , , , 1920- .
1933 . ,
21
, , .
(Federal Trade
Commission).
, .
.
, .
. ,
,
,
. (
)
, . ,
,
, , .
1934 .
, - .
(Securities and Exchange Commission, SEC). , , .
,
(Committee on
Stock Exchange Practice) .
675
, , .
,
, , .
,
( , 1920- ) . .
,
1934 .
(SEC).
1934 . , , ,
.
, SEC. . SEC ( ) . , SEC
,
.
,
, .
. , 1938 .
, - . 1930-
, , , ,
676
, ,
,
,
.
1934 .
SEC
,
.
,
; ,
;
.
SEC , ,
. ,
, , . , , ,
-.
, 1933 .
, Libby Owen Fords.
, ,
,
, .
, , SEC - , SEC, . SEC , .
SEC .
677
, . , . , 1934 . , ,
, , .
1303. ,
1936 . .
, .
1934 .
, , - .
1933 . National City Bank National City
Compny, 1929 ., ,
1934 . . 1935
., . , , ,
SEC.
1930- .
,
, .
, -
1304.
SEC
, , 1935 . 1303
678
- , . , , ,
,
. ,
, , . , .
, Edward B. Smith and
Company Charles D.
Barney, Smith Barney and Company. .
, ,
.
1934 . 440 ; ( ) .
, , ,
, . , ,
, . ,
.
, , , ,
, ; ,
1305.
1305
Douglas W. Democracy and Finance. The Addresses and Public Statements of W.O.
Douglas as Member and Chairman of the Securities and Exchange Commission / W.
Douglas. New Haven, Conn.: Yale University Press, 1940. P. 8.
679
. 1936 .
, (Investment Bankers Conference), . 20% . , , SEC , , . 1937 .
( , ), (National Association of Securities Dealers,
NASD), .
,
. .
, , ,
- .
( 2500 ) -
, , , 3000 . ,
, - .
, . NASD .
6 . ,
. , , ,
, 1306.
1306
,
, , 1920-
RCA, . 1937 . SEC
680
1935 . 1938 .
, 19341935 .
. , 1934 1936 .
15 ,
SEC
.
1934 . ,
, .
,
, .
, J. P. Morgan
and Company, Morgan Stanley and Company,
.
, ,
, .
, 1934 .
. , Bellanca Aircraft Corporation, , . ,
, , Bellanca
RCA. , , ,
,
1920-, . - ,
,
(SEC Expels Meehan on Rigging Charge; First Action of Its Kind Taken by
Federal Agency Under Securities Act of 1934 // The New York Times. 1937. 3
August).
681
,
. 1937 . 1929 ., 25% 14%.
, 1937 . ,
- 25%, 20%.
,
,
,
, 1920- 50%.
227
1929 . 43 1938 .1307
, , . 1937 .
, , , , . , , , ,
.
- , 1
. , , , ,
.
SEC - .
,
, .
( )
, ,
.
,
1307
682
, , , . ,
1929 .
-. ,
, . ,
,
,
.
1938 .
(, US Steel, AT&T,
) 1938 .
(Temporary National Economic Committee,
TNEC), , , , . . TNEC
,
. TNEC . ,
,
. 1938
1940 .
. , 1937 . ,
1938 . .
, , ,
. ,
. -
683
(TNEC).
1308.
, Morgan Stanley
J. P. Morgan and Company. 1309.
1930- ,
, - , - , . 19371938 .
,
- . .
1930- , 1920-. 1308
-: Morgan Stanley and Company, First
Boston Corporation, Kuhn, Loeb and Company, Dillon Read, Smith Barney and
Company, Blyth and Company. 1934 1939 .
57% . 14 21% ,
12% .
; 14
,
,
.
1309
, Blyth and Company 1920-
National City Company. . ,
,
, . TNEC , , . (Metropolitan Life
Insurance Company, Prudential Insurance Company .) 50%
, 16
85% (Lynch D. The Concentration of Economic Power / D. Lynch.
N.Y.: Columbia University Press, 1946. P. 118).
684
, .
, SEC, , .
, ,
. ,
, .
,
19411945 . .
, . 500 ,
Kidder,
Peabody and Company. 1945 .
45 1941 .
260 1945 .1310
1311. , 1929 .
1954 .
:
,
1310
685
. .
, ,
,
1312.
,
, 1914 .
Norddeutsche Handelsbank , .
, (500
) 25 .
,
,
1914 1922 . ( 13 ).
(Gelsenkirchen 181 1374 ;
Muhlheimer 155 1990 ), (Schwelmer Eisenwerk 135 2800 ;
Deutsche Waffen 331 1605 ).
.
1918 . ,
100 . ,
, . , 9 . , 11 1918 . . , - .
.
, ,
1312
686
. 132 1313 ( 30
4,2 ). , - .
( 18 1919 .
21 1920 .). ,
- 18701871
. 5 , .
,
, . (60 ) (40 ). , ,
.
, , 100 ( , 1912 12 ). , . ,
55 , 1012 (
) 24 .
, (5
) 1 1921 .,
. 1920 . , , 33
. 1919 1921 .
2 5 . 1922 .
1313
687
,
12,5 (
), 600800 .
, , .
- , , .
.
, .
47 , 10%
.
, (
), - ( ), . ,
, 30% ( 5%).
. , 1914 1918 . ( , ,
), . , ,
, , Das Geld1314.
,
, , 1920 . 400%, 10 1913 . , , . .
1314
688
: 1914 . 4,2 1
, 1920 . 65, 1922 . 7000.
,
1923 . - ,
90% 50% . 1,5 . 1922 . 1 , 1923 . 17 . 1923 . 1 30
.
.
, ,
-. ,
. ,
, , .
, , ;
,
-, ,
, . .
. , , , : , , , .
,
, , ,
.
, , 1315. . 1315
, , , ,
, ; ,
. , , ,
, , , . -
689
.
, , -
, 1316.
1923 . 140 ,
. , . ,
( Deutsche Bank 114 6,5 ; Siemens und
Halske 101 6 ). , , 1767 600
1921 .1317
1920-
, , , .
, , 1318, .
1319. ( . . / . . .: , 1991. http://www.belousenko.com/wr_Zweig.htm).
1316
. . / . . .
lib.ru/INPROZ/REMARK/tritovar.txt.
1317
Fergusson A. When Money Dies. The Nightmare of Deficit Spending, Devaluation
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1318
Twain M. The Chicago of Europe: And Other Tales of Foreign Travel / M. Twain.
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1319
.
,
, ,
.
, -
690
(19191933)
, . 1920-
, , ,
, , , , . , , 1320.
.
,
,
, , , , ,
1321.
1923
. ,
1918 . (Nationalbank), .
,
Darmstdter und Nationalbank (Danatbank).
Danatbank,
. .
,
. , , ( .
. / . . .: , 1991.
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1320
Shirer W. The Rise and Fall of the Third Reich: A History of Nazi Germany/ W.
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1321
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691
, .
, , .
,
. 1 ( , 1,5 ), 1920-
150 , , . . , ,
. 2,4 (600 ).
15 1923 .,
. 20
4,2 1 , 1 1 .
(4,2 1 ) ,
. , 1924 . .
.
Niderlandische Bank , .
. ,
, .
, .
692
(Golddiskontbank) ,
2550 .
. ,
, .
. , , , , .
. 1924 .,
, . , 9 1924 . , , , ,
.
,
( )
,
,
. 200 ,
,
.
250
, , , , 600 .
12 810 .
693
,
.
( ), ,
.
.
, , J.
P. Morgan & C
,
, , , , .
, , National City
Bank; Kuhn, Loeb J. P. Morgan. , 14 1924 .
.
, (
),
General Electric Radio Corporation of America (RCA).
. , , ,
.
,
, 1322.
( )
, .
, ,
, , 1323.
,
, .
1322
694
-. , ,
1920- .
, 1924 . , 1925 . .
1920-
. 6%, 50%,
75%, (12 )
20%1324. , ; ,
1925 1927 . 1,5 .
0,5 , .
1926 . 200
( 1,5% , 14 ). ,
.
,
,
. : ,
, , .
1324
( 1920 . , , ; 1925 . ).
, 1929 . 1913 .
8%. 70% , 4
60 .
695
, , .
.
(
1922 .), 1922 1927 . 1,5 6 1325.
, , 12 1927 .
25%, 13 , , 10%, 20%.
, , , , . 7
( 50% ) 60% (
11 12 ).
, ,
, .
, , ,
,
.
.
4,2
,
, .
,
1920-, .
1924 1928 . 600
, 3 (
2 , 1 ).
1325
Voth H. J. Did High Wages of High Interest Rates Bring Down Weimar Republic.
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7%. 1928 .,
, 20%
,
. ,
.
. ,
, -,
1917 .1326
1929 .
, ,
,
, 625
. , ,
,
( ). ,
. , .
1929 . .
,
37 525 , 21
400 . , ,
( , ,
), .
(
1326
McNeil W. American Money and the Weimar Republic: Economics and Politics on
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P. 228.
697
200 ),
100 . 7,5%,
,
2 .
.
,
. 1,5
, 0,5
200300 .
,
.
,
, .
,
. 36
500 , 22 375 .
, (Bank of International Settlements, BIS),
,
1327.
, , , , - 1328.
1931 . 4,7 (25% ), 2 ( 2 ).
,
1327
James H. The End of Globalization. Lesson from the Great Depression / H. James.
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1328
Schacht H. My First Seventy-six Years: Autobiography / H. Schacht. London:
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. . , 1928 . , ,
. 7 1930 .
, , , . , , , , , , , 1930- .
1930 . ,
-
(Nationalsozialistische
Deutsche
Arbeiterpartei, NSDAP). :
380 (
),
5% ( 1930 . - 2%,
3%).
, .
, 20% , , , .
200 100 ( 1% ). 1931 . 2 4% (
1929 . 1 ), 600 2,5% .
, 1930 .
, 20 , .
.
, 16 3
, 6 ,
0,5
. ,
699
1329. ,
, ,
, 1330. , 1931 ., ,
, 1331.
Creditanstalt
1931 . Creditanstalt, . 1855 . , , ,
Guaranty Trust Company of New York, M. M.
Warburg and C1332. 1931 . 250 (50% ) 8
1930 . 20
.
15 , Bank of
International Settlements (BIS) 15
.
1,5
, ,
, . (75 ) .
Creditanstalt , 1929 .
1329
Schacht Blames reparations for World Slump: Holds Moratorium for Germany
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1330
Schacht Here, Seems warning in Fascism // The New York Times. 1930. Oct. 3.
1331
Fromm B. Blood and Banquets: A Berlin Social Diary / B. Fromm. N. Y.: Harper &
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1332
,
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700
Bodencreditanstalt.
,
, ( )
.
1931 . Creditanstalt 150 ,
15 .
( 50 ), ,
50 , ,
20%.
,
. .
, , 15 , . Creditanstalt
(40 110 )1333. , , , .
: 19301933 .
, 1930 . , .
16 ,
.
, ,
.
1333
701
(
3,5 ),
1334.
( 350 ). 20
. ,
245
,
385 .
22 25%,
.
, 8
Danatbank, , -
. 10 1
. ,
Danatbank,
. . . ,
, .
, , ,
.
13 , ; 9
,
6 ( 3,5 ).
500 , 250 . , .
10
300 ,
( ,
. .),
1334
Lamont E. M. The ambassador from Wall Street: the story of Thomas W. Lamont, J.
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702
, , . , - ,
, , , 1335.
.
, ,
, ,
, 3,5 , 1
. - (
, ) ,
.
. (The End of Reparations)1336,
, , . ,
- ,
, , 1337. .
, , , - .
13 1931 . Danatbank 240 (40% ).
( ), ( ,
, , ).
1931 .
( Creditanstalt Danatbank),
1335
Bennet E. Germany And The Diplomacy Of The Financial Crisis, 1931 / E. Bennet.
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1336
Schacht H. The end of reparations / H. Schacht. N. Y.: J. Cape & H. Smith, 1931.
248 p.
1337
Schacht Arraigns Capitalist Greed // The New York Times. 1931. July 11.
703
, , .
, ,
,
.
.
, 15%. 1932 .
20% 6 30% .
,
.
, , , 1338. ,
, .
, . 1931 .
-,
.
, ,
,
, 1339.
1930- ( , - 1873 ., )1340. , ,
1338
Berliners Calm in Money Crisis // The New York Times. 1931. July 17.
Hitler Unites Ranks of the Old Germany to War on Bruning // The New York Times.
1931. October 12.
1340
Ferguson N. High Financier. The Lives and Time of Siegmund Warburg / N.
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1339
704
,
.
, Weltpolitik
. , ? , , . Geldaristokratie
, .
,
, .
Mittelstand (
), .
.
, . , (
)
.
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Disconto Gesellschaft ; Deutsche Bank ; Deutsche Bank ; -
,
Dresdner Bank DeutschSudamerikanische Bank.
,
, .
. ,
.
, 1920-
705
, ,
, , . , ,
. 1930- , , - ,
1341.
1920- . , , ,
. ,
, ( 1895 ., 37% , , ).
, , . . 1913 ., , 500
27%
(50% , 14% , 9%
). 1200 , 1933 . 700. , , 1907 .,
4078 ( - ,
.). , 93 700, 40 500.
( , , , ) 42 500 , 7200
1342.
1341
706
1932 .
. . , ,
. 4
32 , 12 . , 1931 .
( ),
.
.
1932 .
. , , 1933 .
.
-
. ,
,
1343.
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, . 1934 . . , , ,
. .
,
, , 6 1932 .
1,5 1936 .
100% ( ). , 1343
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, ,
. ,
,
, 1930-
, 1344.
- ( 1933 . , 1936 . , 1940 . ).
,
, ,
990 .
.
.
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.
( ), . 1934 .
( 666 ), (247 ), (151), (132), (113),
(96), (94).
- (Metallurgische Forschungsgesellschaft, MEFO)
, . 1934 . ,
(21 1935 . ). 1344
1930- . . -
,
,
. ,
1937 . , 1939 .
, .
708
, , .
,
,
MEFO. 1938 . 12 ( 1939 .
19 ),
. MEFO , ,
.
,
, ,
. MEFO
, . , 1942 . , ,
.
1 1938 . MEFO :
. MEFO
, 1345.
MEFO, .
1934 . . 1913
1345
19341939 . 60 ( 101,5 ).
62,2 , 41,5 , 20 ; 20
. .
, MEFO 1
. - ,
. MEFO , ( . 8 . . 2.
.: , 1988. . 250260).
709
. 2351 ( 416 ),
1924 . 588 ( 148). 1927
. 4279
( 1438 ,
1920- 1930- ). 1932 ., 974 ( 150, 1924 .). 1933 .,
, 1545
( 91
). 1934 . (
) : 1934 . 1015 (
143 ), 1935 . 2811 (156 ), 1936 . 3990 (395
), 1937 . 4628 (333 ). , ,
4,5% . 1935 .
500 ; 1936 .
487 525 ; 1937 . 625,
700, 750 ; 1938 . 1250, 1425, 1374,
1500 . , , , 19351936 . , 1937 .
- , 1346.
. -
1347, .
1346
710
: Pax Britannica
, fin de
siecle ( ) ,
,
.
: 1914 . 4 .
31 1914 .
,
.
, , 29 1
1914 . 130 50 . 1
10%.
,
. , 1923 .
83% Barclays, Midland, Westminster, Lloyds, National
Provincial.
,
. . ,
, 1348. , , .
1914 .
1348
Ferguson N. The Pity of War / N. Ferguson. L.: Penguin Press, 1998. P. 319; Bell
C. Old Friends. Personal Recollections / C. Bell. N. Y.: Harcourt Brace, 1957. P. 45.
711
, 1917 . , .
,
, : 70% , . , , 0,7 8 (38,4
1913 .).
43 , 11
( ); 9
43 , 27 , ,
, . 7 , .
,
1349.
, ,
, , , , ( , , 10%
).
,
( ).
,
, , . -
1349
Ahamed L. Lords of finance. 1929, the Great Depression, and the bankers who broke
the world / L. Ahamed. L.: Windmill Books Random House, 2010. P. 77.
712
,
1350.
.
,
.
19141919 .
550 . 250 . 300 . 10% 4 , , . 10%
45%,
, . ,
, , . 1924 .
355 1351.
,
, ,
, . , , , 1929 . 1930- .
, ,
, ,
. 1871 . 0,3% , 1881 . 0,5%,
1891 . 0,7%, 1901 . 0,8%, 1911 . 1,1%,
1921 . 1,8%, 1931 . 2,2%. 1350
713
Feinstein C. National Income, Expenditure and Output of the United Kingdom, 1855
1965 / C. Feinstein. Cambridge: Cambridge University Press, 1972. Table 8, 53, 59,
60.
714
,
1797 . .
10 22 , . 18151821 .
,
,
. 1920 . - 7%.
1920 . ,
1922 . 50%,
3,2 4,3 ,
(4,86) , .
( , ) 2 . 1920- , ,
,
.
, ( ) , ,
,
.
,
.
1920-
1920- , , , , . , Kit Kat Club . . , ( ,
) . , 10%
715
,
1920- 1913 . 1,25 , 1
, 10%.
1925 . .
, (4,68 )
( 12%)
.
19201921 .,
,
.
,
, .
1920- 1929 .
100,5%
1913 . . 14% 1913 . 10% 1929
.
(Clarence Charles Hatry, 18881965)
, - ,
,
,
.
, , . .
, ,
716
1929 . . , , , 1929 .
40 United Steel Limited.
,
;
1920- . 1 .
, ,
, ,
, ,
.
, ,
, 70
. , ,
- . ,
, , 1929
.
1929 .
,
, , ,
. ,
, - , , -1353.
, .
-
1353
Keynes J. M. A British View to the Wall Street slump / J. M. Keynes // New York
Evening Post. 1929. October 25.
717
, , , 1354.
, . , 26 1929 .
7%
, -.
- ,
[ ] 1355.
1929 . 32% ( 44%, 50%). , ,
1929 ., ,
, , . 1929 .
16% , (40%),
(138% )
(75%)1356.
( 14 11%), , .
1929 .
3,5% 2,5% (4,5% 2,5%
).
( ),
. 1929 .
, 100
800 . ,
,
1354
London Disturbed by Continued Fall // The New York Times. 1929. October 30.
Keynes J. M. A British View to the Wall Street slump / J. M. Keynes // New York
Evening Post. 1929. October 25.
1356
Rajan R. The great reversals: the politics of financial development in the twentieth
century / R. Rajan, L. Zingales // Journal of Financial Economics. 2003. Vol. 69.
Table 3. http://www.seyan.info/files/the%20great%20reversals.pdf.
1355
718
1,2 ; 1357.
1930- ,
1931 . , , ; . ,
.
-
, . 13 1931 .
(Macmillan Report)
. 1920- ( 500 ),
( -
)
.
, .
, , .
, ,
2 .
, 3 .
, 500 , .
. ,
1357
Ahamed L. Lords of finance. 1929, the Great Depression, and the bankers who broke
the world / L. Ahamed. L.: Windmill Books Random House, 2010. P. 344.
719
, .
.
250 , 2,5% 4,25%1358.
31 1931 .
(May Committee) . ,
600 (2,5% , 24 ).
(
) ,
500 , 20%
, 100
.
2,5 , 20%. ( - .
. ) ,
. , , . ,
650 ,
-. 250 , -, . ,
,
.
J. P. Morgan, . , 28
200 200 , , 1358
Williams D. London and the 1931 Financial Crisis / D. Williams // Economic History
Review. 1963. Volume 15, Issue 3. P. 513528.
720
, . , , , , ,
3%,
68%, 1359.
, ,
.
, , .
,
, . 1930- , ,
, ,
,
.
. , , 1931 . 25
, 17
80 1360. 21 1931 .
.
30% ,
.
, - ,
, . 1912 . (33,5%)
, , 1932 . 10% .
,
, 1359
721
. ,
, .
4,86 3,75 ( 1931 .
3,5 ),
, , 1361. ,
.
25 , , , ., 1362.
,
, -
750
. ,
,
: (200 ), (130
), (100 ), (77 ).
,
, 350
.
125
, 1363.
1361
Bonn M. Wandering Scholar / M. Bonn. N. Y.: The John Day Co., 1948. P. 318
319.
1362
Gld and Exchange Shifted fast in 1931 // The New York Times. 1931. Dec. 31.
1363
Boyle A. Montagu Norman / A. Boyle. London: Cassel, 1967. P. 276.
722
: , ( 2%),
. - , (cheap
money policy, ).
: 5,26% 1929 . 1,67 1932 .,
0,66% 1933 . 0,590,58% 19351937 .
1932 .
(British Commonwealth of Nations) , , . .
1929 .,
, , . 1931 . ,
, (
-) The Abnormal
Importations (Customs Duties) Act 20 , 1932 .
.
1931 . ,
, , ,
.
,
, . 1932
.
, , ,
,
723
(
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,
.
1930-
- (,
Royal Dutch Shell, BBC .).
1930- , ,
1844 .
1930-
,
. 1938 . 17% 1913 . (
43%, 49%).
138% 1929 . 114% 1938 . (
75 56%, 44 35%)1364.
1920-
. Belle
Epoque , ,
, .
1880 1913 .
60 116 ,
2%.
.
1364
Rajan R. The great reversals: the politics of financial development in the twentieth
century / R. Rajan, L. Zingales // Journal of Financial Economics. 2003. Vol. 69.
Table 3. http://www.seyan.info/files/the%20great%20reversals.pdf.
724
4% 1896 . 9,2%
1913 . , (3,7%
). 1913 . (116 )
(41,8 )
277,5%. 1966 .
(167 ) 1913 .
41,9% (398,5 )1365.
. , 1847 1911 . 44,7
31,1%; 21,5 4,9%;
16,6 51,4%. , . ( ). 1880 1895 . 53,3
63%.
49%. 1910- ,
, .
8,8%
18901895 . 14,1% 19101914 .
1913 . 1929 1937
., (
) 41,8 1913 . 334 1929 .
304 1937 .
116 1913 . 374 1929 . 377
1937 ., 277,5%
1913 . 111,9% 1929 . 124,0% 1937 .1366
1365
725
,
.
, ,
. 40%.
, . ,
.
, .
, , . (Credit Lyonnais Sciete General) 1932 . 1500
.
, . 1914 . 76%
, 19241929 . 53%.
1920- , .
.
800 ,
, (500 ).
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, , .
500 .
,
, ,
.
, ,
300 (57
1913 .; ,
726
38,4 ).
, , ,
, .
1924 .
. 4
,
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, . , 1918 1923 . ( 1
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,
. , 1922 . , 500 , 1923 . 150 1367.
, 5
15, 1924 . 20 . 8 1924 . , 27 , 1368. , ,
. - ,
, 13
. . . ,
, ,
1367
727
, ,
,
1369.
1924 . Lazard Freres
,
. .
, .
Lazard Freres (.
,
).
, (
) 126 61 .
13 1924 . ,
J. P. Morgan
. , ( )
,
, .
1920-
,
1920-
. (Credit
Lyonnais, Socit Gnrale, Crdit Industriel et Commercial, Comptoir
d'escompte, Crdit Commercial de France)
60% .
1920- ( 3213
) (6932 ),
925 ,
58 .
,
, ,
1369
728
.
, , , .
, ,
, 1370.
- ( 19121913 ., 19131920 .
), , , 50 , 35
. , , , .
,
, , ,
, .
, 1922 . . 30. ,
,
, , , , .
,
. ,
. , , , , XIX .
, ,
, 1920 1940 .
.
, . ,
, ,
1370
729
.
, .
,
,
,
.
(
Chemin de Fer du Nord , ), . 1926 .
,
25 .
,
, . , -, , (
), 500 .
25 ,
. , 1920- ,
,
.
1927 . ( , ),
.
, ,
700 . 1371.
,
, 50% . 1920- , .
1371
Moreau E. The golden franc: memoirs of a governor of the Bank of France: the
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1991. P. 220, 295298.
730
1372
, .
,
(40% ).
731
Oustric Bank
1930 . 1934 . (Serge Alexandre Stavisky, 18861934),
, , 8 1934 . (Crdit municipal)
, . ( ) 235
,
. .
,
. , , 30
1934 . ,
6 1934 . 1930-
.
. , - 1931 1932
.
, : , . , . : 1373.
1934 . , ,
, ,
1374.
1373
. , , / . . 3 . . 2. .: , 2005.
. 19.
1374
200 , , 1800 . ,
200
. (),
. , 1936 ., ,
, .
732
1930-
( 14% 1911 . 40% 1936 .)
1936 . .
, 1375, , 1929
1933 . ,
., .
, ,
20072009 . (Great Recession),
.
, , 1873 ., 1376,
1930- , - , , 1930- . ,
, .
,
,
.
1930- , ( - ) , 1929 . . ?
. -
1375
733
,
1377.
1930-
1378, Belle Epoque Pax Britannica
. , , 1960- 1970- , .
, .
, -, ,
,
1379.
,
, .
,
1930- .
, .
, -
(
) , ,
1377
. : / . . .: ,
2011. . 9394.
1378
1930- . 1931
. ( Creditanstalt Danatbank), ,
- , . , , , ( . : , . 19141980
/ . . .: , 1999. . 277).
1379
. 1930 / . .
.: , 1930. . 1.
734
1380. ,
, , 19291931 .1381 1929 . 45 , , ,
.
.
, , , , , 1382.
, ( 2007
2009 ., ),
-
, , , (financial fragility).
, , , , 1383.
1930- , ,
,
1380
735
1384
736
),
.
, 1930- .
, ,
,
.
1928 ., 1929 . -, 1930 . , ,
1931 .
,
1929 . ,
,
.
,
1930- ,
,
.
,
( 19291931 .
, ,
20%). , , ,
,
.
. 1929 .
, . 19311933 . ,
,
40%. 1931
. - (, ) ,
.
737
.
1928 ., , ,
,
- .
, ,
,
, . ,
, .
,
, , , , . , , 1944 . -
,
. , , ,
.
,
,
,
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. ,
,
1386.
,
,
1386
738
, . ., ,
, .
,
,
.
,
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.
.
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.
,
.
1387.
1929
. 1388,
, . :
19291931 . ,
1389.
, . , ,
, ,
, ,
,
.
1938 .,
,
1387
. : /
. . .: , 2014. . 119120, 165166.
1388
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,
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.
1930-
,
., , ,
.
.
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1942
.
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, 1990- , .
740
1.
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6.
7.
8.
9.
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11.
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13.
14.
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18.
19.
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