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On September 2, 1969, Chemical Bank installed the first ATM in the U.S. at its branch in Rockville Centre, New York. The first ATMs were designed to dispense a fixed amount of cash when a user inserted a specially coded card. [32] A Chemical Bank advertisement boasted "On Sept. 2 our bank will open at 9:00 and never close again."
The bank's initial public offering in July of 1791 was the largest such event in the young country's history, as the $8 million of offered shares were quickly snapped up by the nation's elite.
In many Western states, the banking industry degenerated into "wildcat" banking because of the laxity and abuse of state laws. Bank notes were issued against little or no security, and credit was over extended; depressions brought waves of bank failures. In particular, the multiplicity of state bank notes caused great confusion and loss.
The second volume contains a history of banking in Great Britain, by Henry Dunning Macleod, and in the Russian Empire, by Antoine E. Horn, editor of the Journal de St.-Pétersbourg, as well as a contribution on "Savings Banks in the United States" by John P. Townsend, president of the Bowery Savings Bank.
The history of banking began with the first prototype banks, that is, the merchants of the world, who gave grain loans to farmers and traders who carried goods between cities. This was around 2000 BCE in Assyria , India and Sumer .
A History of Money and Banking in the United States is a 2002 book by economist Murray Rothbard, released posthumously based on his archived manuscripts. [1] The author traces inflations, banking panics, and money meltdowns from the Colonial Period through the mid-20th century.
A goldsmith banker was a business role that emerged in seventeenth century London from the London goldsmiths where they gradually expanded their services to include storage of wealth, providing loans, transferring money and providing bills of exchange that would lead to the development of cheques. [1]
The House of Morgan: An American Banking Dynasty and the Rise of Modern Finance is a non-fiction book by Ron Chernow, published in 1990.It traces the history of four generations of the J.P. Morgan financial empire, on both sides of the Atlantic, from its obscure beginnings in Victorian London to the crash of 1987.