"If people generally expect that the market will collapse, then the collapse will not happen. The sense of self-protection will penetrate into the market, making the stock market more rational." This day's "Business and Finance Chronicle" appeared in such an article

article.

If the slave owners saw this, they would definitely say that Wall Street's Chicken Soup for the Soul is not that clever and is not as good as the level of the circle of friends. On this day, the United Company officially announced that the acquisition plan of its subsidiary United Mining and Knickerbocker Trust Investment Company collapsed.

, the news immediately spread to the New York Stock Exchange at an extremely fast speed.

Many people with sensitive information know that the speculative activities of Knickerbocker Trust Investment Company and Heinze and Morse behind it failed to short-sell copper stocks. In an instant, these people sold their United Copper Mining stocks. Many people know that

, once more people know about it, no one will take over.

In the exchange, countless stockholders who heard the news rushed in and saw United Copper Mine's stock falling at a speed visible to the naked eye. During the two-hour selling frenzy, United Copper Mine's stock dropped from a high of sixty US dollars to

After a short drop to ten dollars, one-sixth of the previous day's price, United Copper's stock fell along with all metal stocks.

Two hours later, United Copper Mines' stock had actually entered bankruptcy liquidation. Even though it was still in the stock market, Blair kept an eye on the stock market and immediately called Edith Rockefeller's villa.

"The Knickerbocker Trust is in big trouble."

"The weak eat the strong, and the fittest survive. How reasonable the theory of evolution is." Sheffield said without any mercy. In the eyes of him, a slave owner, all people are equal, but black people are more likely to be regarded as punching bags. But

Don't think that white people have any privileges, and there will be no ambiguity when it comes to taking action.

"The New York Daily News can have a certain panic effect. It is not Princeton's New York Times. Make no mistake." The New York Daily News is a newspaper acquired by Sheffield from Hearst. Sheffield now lets Blair run this newspaper.

Use force.

"I understand." Blair's mouth contained excitement that there were so many methods at his disposal.

After hanging up the phone, Edith Rockefeller sighed softly, "I wonder how many people will not be able to withstand the blow and jump off the building."

"The weak eat the strong, and the fittest survive. Their tragedy can be used as an embellishment of our success." Sheffield sneered calmly, "If he cannot withstand the blow and jumps off the building, it means that this person has a psychological problem and is not a qualified person. Then

Just go die, but out of goodwill, I can buy a park in New York for my purpose later, how about calling it Hyde Cemetery? As for other things, don't expect to get too much from me."

Tragedies are happening in this world every moment. This has nothing to do with Sheffield. It’s just that this crisis has a little to do with me, or it’s related to passivity. If the Knickerbocker Trust Investment Company hadn’t come to our door by itself,

Come on, he is just a spectator waiting to buy the bottom.

The mistakes were all the fault of the Knickerbocker Trust and the two big speculators Heinze and Morse. Sheffield himself was also a victim. Union Bank has been a vulnerable group for so long. Who did the slave owners turn to to complain? If not

How can citizens be affected this time if they are greedy and don't keep their money in Union Bank?

"Social Darwinism seems to be very popular among you Dixie people now." When Edith Rockefeller saw Sheffield's appearance, she knew that this man had no sympathy, and he should not have any in the first place.

Because the stock price of Union Copper Mine plummeted, it entered bankruptcy in two hours, which caused the New York stock market to fluctuate. The stock market, which was as solid as stagnant water, finally boiled. Heinze and Morse controlled many small banks in New York.

Stock brokerages and the boards of directors of some trust companies used them to provide financial support for this copper stock short-selling activity, which caused the above-mentioned institutions to be bruised and bruised after the short-selling speculation failed.

The main problem this time is not the stock market. Of course, the stock market will also suffer heavy losses, but compared with the problems in the banking industry, the stock market is really a small problem.

Heinze and Morse also immediately realized the seriousness of the situation. Why good negotiations could not proceed? This question is of course also important, but compared with the collapse of the stock market and the evaporation of all funds financing the United Copper Mine, it has

It's a small problem.

Many banks and trust companies controlled by these two people are in a very dangerous situation. As long as the first one falls, a domino effect will immediately occur, causing panic among depositors and causing a run on all the banks where they deposit money.

"These two upstarts really think they can control everything." Rockefeller Jr. said disdainfully at Standard Oil's headquarters in New York, "Let these two bastards repay the money, otherwise our slave owners may

I will take action quickly!"

"Got it, boss!" the manager behind him, who was waiting for orders, said immediately and hurriedly walked out of the office.

Rockefeller Jr. must remind the two speculators that the real giants will not tolerate these two upstarts.

Newspapers questioned United Copper's financial condition, banks began pressing Hinds for repayment, thousands of United Copper shares began to sell off on the market, and chaos reigned on the streets.

The news that Knickerbocker Trust Investment Company is the mastermind behind the United Copper Mine has spread within a small area. The news that was really confirmed was the New York Daily News the next day. The New York Daily revealed the boss behind the United Copper Mine.

.

It is said that only using economic means is not enough. The implication is to use other means. Generally speaking, there are only a few of them. The most common one is public opinion means. Generally speaking, ordinary people are always easy to be deceived, because

Firstly, their education level is limited and they are confused when they arrive; secondly, economic activities are becoming more and more complex, and even non-professionals cannot understand the tone of it. So as long as you find a good angle to enter and seize a certain

If you think about an issue that everyone is concerned about and think deeply about it in a literary and artistic way, you can often fool a lot of people. Sometimes, even spreading rumors is a very common method.

What's more, this is not a rumor at all. What the New York Daily said is the truth. The boss of this newspaper wants to burst the bubble with his own hands. As an excellent employee, and to create an image of standing with the citizens, what can the New York Daily not dare to do?

Depositors who were successfully incited to panic formed a long queue at the door of Knickerbocker Trust and Investment Company. When investors and depositors learned that many banks and trust companies were involved in this speculation and suffered heavy losses,

There were runs on deposits one after another. The Knickerbocker Trust Company, the third largest trust company in New York at the time, was the first to suffer a run on depositors.

It had only been two short days since the stock price of United Copper Mine plummeted. Looking at the long queue, Mike stood by the window and was helpless. No one knew the situation of his company better than him, which meant that savers

Withdrawals are rapidly exceeding the bank's reserves. The Knickerbocker Trust's cash balance remains at just $1.7 million, equivalent to 15 percent of total deposits, well below banking regulations and New York Clearinghouse requirements

of a quarter level.

Another day passed, and the long queue continued. On the third day...

What is even more worrying is that in the past three days, the total borrowing balance of Commercial National Bank in the clearing center has reached as high as 2.4 million U.S. dollars, which is one-fifth of the total deposits. It is estimated that at this rate, no more loans will be issued.

In ten days, the bank would be depleted of deposits. Other banks affiliated with Mercantile National showed an even worse reserve position, holding reserves equivalent to only 5 percent of total deposits.

Heinze, Morse and Mike borrowed cash at an interest rate of 150%, but they still couldn't resist the huge queue of depositors. For this reason, Heinze had to take the initiative to express his gratitude to Knickerbocker.

There is no problem with the cash flow of Gram Trust Company, but at this time, no one believes in the bankers.

The run quickly spread throughout New York like a virus. Frightened citizens queued up all night in front of various trust companies, waiting to withdraw their deposits. The banks demanded that the trust companies repay their loans immediately, and the trust companies that received double calls had no choice but to borrow money from the stock market.

Three days is no longer a matter for the Knickerbocker Trust Company alone.

At the door of all trust companies, there are depositors coming to withdraw money. This is the scene in front of all trust companies in New York. It will only cause greater panic. Bank stocks have already fallen to the bottom, but compared with the crowd running in front of them,

In comparison, stocks are no longer important. No matter how good the numbers are, they are just numbers, and what savers need now is cash.

Sheffield, a veteran rumormonger, could only know the situation in New York through the phone, and he wanted to see it with his own eyes. The Chicago Daily Times once again proved that slave owners invested in the media and even killed Hearst, even if the other party was also a Democratic Party. This is very

Correct, Albert once again became a pioneer.

In a neutral and objective tone, he reported in detail the bank run in New York and the bad situation of cash in more banks and trust companies. Chicago was very calm on the first day. Early the next morning, like the citizens of the New York metropolitan area, countless people

Depositors walked out of their homes and took their deposit certificates to withdraw money. Chicago followed New York into a wave of bank runs.

A banker's words are not worth a penny. Today's citizens just want to get their money back, but they don't know that their actions will only make the bank collapse faster. At the door of the Union Bank of Chicago, the local bank employees are very angry.
Chapter completed!