Globe and Hemisphere: Latin America's Place in the Postwar Foreign Relations of the United States

By J. Fred Rippy | Go to book overview

CHAPTER 3
THE BOND-SELLING EXTRAVAGANZA OF THE 1920'S AND ITS AFTERMATH

INVESTMENT bankers of the United States sold, mainly in the domestic market, huge quantities of government and government-guaranteed bonds of foreign countries during the twelve years following 1918. The total par value of the long-term issues of this type marketed by American investment houses during this period was approximately $6.2 billion. Latin America's share of these issues was nearly $1,894 million, more than 30 per cent of the total, and the gross profits of the bankers from the sale of these bonds amounted to some $95 million, or an average of 5 per cent of the face value of the Latin-American long-term issues which they floated. The large flotations of the government bonds of Canada, Europe, and the rest of the world yielded approximately equal profits. But citizens of the United States who purchased these securities soon discovered that in most instances they must suffer for their imprudence.

The vast majority of American investors who bought LatinAmerican government bonds were unaware of the debt records of these governments. They had little or no knowledge of the long history of Latin-American defaults or of the scandals in which British investment houses were involved in the 1820's and again in the 1860's and 1870's. Their experience with such bonds was limited. Except for Mexican bonds, it included nothing that recommended caution. Aside from Mexican government and government-guaranteed securities, purchases of United States citizens before 1919 had been confined mainly to the bonds of

-53-

Notes for this page

Add a new note
If you are trying to select text to create highlights or citations, remember that you must now click or tap on the first word, and then click or tap on the last word.
One moment ...
Default project is now your active project.
Project items

Items saved from this book

This book has been saved
Highlights (0)
Some of your highlights are legacy items.

Highlights saved before July 30, 2012 will not be displayed on their respective source pages.

You can easily re-create the highlights by opening the book page or article, selecting the text, and clicking “Highlight.”

Citations (0)
Some of your citations are legacy items.

Any citation created before July 30, 2012 will labeled as a “Cited page.” New citations will be saved as cited passages, pages or articles.

We also added the ability to view new citations from your projects or the book or article where you created them.

Notes (0)
Bookmarks (0)

You have no saved items from this book

Project items include:
  • Saved book/article
  • Highlights
  • Quotes/citations
  • Notes
  • Bookmarks
Notes
Cite this page

Cited page

Style
Citations are available only to our active members.
Sign up now to cite pages or passages in MLA, APA and Chicago citation styles.

(Einhorn, 1992, p. 25)

(Einhorn 25)

1

1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

Cited page

Bookmark this page
Globe and Hemisphere: Latin America's Place in the Postwar Foreign Relations of the United States
Table of contents

Table of contents

Settings

Settings

Typeface
Text size Smaller Larger Reset View mode
Search within

Search within this book

Look up

Look up a word

  • Dictionary
  • Thesaurus
Please submit a word or phrase above.
Print this page

Print this page

Why can't I print more than one page at a time?

Full screen
/ 278

matching results for page

Cited passage

Style
Citations are available only to our active members.
Sign up now to cite pages or passages in MLA, APA and Chicago citation styles.

"Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn, 1992, p. 25).

"Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn 25)

"Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences."1

1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

Cited passage

Thanks for trying Questia!

Please continue trying out our research tools, but please note, full functionality is available only to our active members.

Your work will be lost once you leave this Web page.

For full access in an ad-free environment, sign up now for a FREE, 1-day trial.

Already a member? Log in now.