Panic of 1907 - Knowledge

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bank presidents in the East room and the trust company executives in the West room. Morgan and those dealing with the Moore & Schley situation moved to the librarian's office. There Morgan told his counselors that he would agree to help shore up Moore & Schley only if the trust companies would work together to bail out their weakest brethren. The discussion among the bankers continued late into Saturday night but without much progress. Around midnight, J. P. Morgan informed a leader of the trust company presidents that keeping Moore & Schley afloat would require $ 25 million, and he would not commit those funds unless the problems with the trust companies could also be resolved. The trust company executives understood they would not receive further help from Morgan; they would have to finance any bailout of the two struggling trust companies.

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discussion ensued, the bankers realized that Morgan had locked them in the library and pocketed the key to force a solution, the sort of strong-arm tactic he had been known to use in the past. Morgan then entered the talks and advised the trust companies that they must provide a loan of $ 25 million to save the weaker institutions. The trust presidents were still reluctant to act, but Morgan informed them that if they did not it would lead to a complete collapse of the banking system. Through his considerable influence, at about 4:45 a.m. he persuaded the unofficial leader of the trust companies to sign the agreement, and the remainder of the bankers followed. Having received these commitments, Morgan allowed the bankers to go home.

599:. Barney had provided financing for previous Morse schemes. Morse, however, cautioned Otto that in order to attempt the squeeze, Otto needed much more money than Barney had, and Barney declined to provide funding. Otto decided to attempt the corner anyway. On Monday, October 14, he began aggressively purchasing shares of United Copper, which rose in one day from $ 39 to $ 52 per share. On Tuesday (Oct. 15), he issued the call for short sellers to return the borrowed stock. The share price rose to nearly $ 60, but the short sellers were able to find plenty of United Copper shares from sources other than the Heinzes. Otto had misread the market, and the share price of United Copper began to collapse. 1263: 885: 670: 1007: 894: 1367: 728:

trusts, Trust Company of America and Lincoln Trust Company. By Thursday, October 24, a chain of failures littered the street: Twelfth Ward Bank, Empire City Savings Bank, Hamilton Bank of New York, First National Bank of Brooklyn, International Trust Company of New York, Williamsburg Trust Company of Brooklyn, Borough Bank of Brooklyn, Jenkins Trust Company of Brooklyn and the Union Trust Company of Providence.

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stock exchange afloat. The money reached the market at 2:30 p.m., in time to finish the day's trading, and by the 3 o'clock market close, $ 19 million had been loaned out. Disaster was averted. Morgan usually eschewed the press, but as he left his offices that night he made a statement to reporters: "If people will keep their money in the banks, everything will be all right".

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That night he assembled the presidents of the other trust companies and held them in a meeting until midnight, when they agreed to provide loans of $ 8.25 million to allow the Trust Company of America to stay open the next day. On Thursday morning Cortelyou deposited around $ 25 million into a number of New York banks.

995:, would acquire TC&I. This would effectively save Moore & Schley and avert the crisis. The executives and board of U.S. Steel studied the situation and offered to either loan Moore & Schley $ 5 million, or buy TC&I for $ 90 a share. By 7 p.m. an agreement had not been reached and the meeting adjourned. 1885: 1060:

began to review the proposed takeover and appreciate the crash likely to ensue if the merger was not approved. Roosevelt relented; he later recalled of the meeting, "It was necessary for me to decide on the instant before the Stock Exchange opened, for the situation in New York was such that any hour

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To ensure a free flow of funds on Monday, the New York Clearing House issued $ 100 million in loan certificates to be traded between banks to settle balances, allowing them to retain cash reserves for depositors. Reassured both by the clergy and the newspapers, and with bank balance sheets flush with

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were booming; in the decade before 1907, their assets had grown by 244%. During the same period, national bank assets grew by 97%, while state banks in New York increased by 82%. The leaders of the high-flying trusts were mainly prominent members of New York's financial and social circles. One of the

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By then, Morgan was drawn into another situation. There was deep concern that the Trust Company of America and the Lincoln Trust might fail to open on Monday due to continuing runs by depositors. On Saturday evening 40–50 bankers gathered at the library to discuss the crisis, with the clearing-house

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Morgan, Stillman, Baker and the other city bankers were unable to pool money indefinitely. Even the U.S. Treasury was low on funds. Public confidence needed to be restored, and on Friday evening the bankers formed two committees—one to persuade the clergy to calm their congregations on Sunday, and a

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Morgan summoned the presidents of the city's banks to his office. They started to arrive at 2 p.m.; Morgan informed them that as many as 50 stock exchange houses would fail unless $ 25 million was raised in 10 minutes. By 2:16 p.m., 14 bank presidents had pledged $ 23.6 million to keep the

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As a run began on the Trust Company of America, Morgan worked with Stillman and Baker to liquidate the company's assets to allow the bank to pay depositors. The bank survived to the close of business, but Morgan knew that additional money would be needed to keep it solvent through the following day.

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and concentrated wealth soon eroded this view. Morgan's bank had survived, but the trust companies that were a growing rival to traditional banks were badly damaged. Some analysts believed that the panic had been engineered to damage confidence in trust companies so that banks would benefit. Others

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Morgan and his associates examined the books of the Knickerbocker Trust and decided it was insolvent, so they did not intervene to stop the run. Its failure, however, triggered runs on even healthy trusts, prompting Morgan to take charge of the rescue operation. On the afternoon of Tuesday, October

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The failure of the corner left Otto unable to meet his obligations and sent his brokerage house, Gross & Kleeberg, into bankruptcy. On Thursday, October 17, the New York Stock Exchange suspended Otto's trading privileges. As a result of United Copper's collapse, the State Savings Bank of Butte

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as occurring between May 1907 and June 1908. The interrelated contraction, bank panic, and falling stock market resulted in significant economic disruption. Industrial production dropped further than after any previous bank run, and 1907 saw the second-highest volume of bankruptcies to that date.

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reported, "as fast as a depositor went out of the place ten people and more came asking for their money were asked to send some men to keep order". Two van loads of notes were quickly unloaded, yet even this failed to calm the panic stricken depositors. Directors and other officials of the Trust

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to withdraw money from the Mercantile National Bank. The Mercantile had enough capital to withstand a few days of withdrawals, but depositors began to pull cash from the banks of the Heinzes' associate Charles W. Morse. Runs occurred at Morse's National Bank of North America and the New Amsterdam

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As news spread, other banks and trust companies were reluctant to lend any money. The interest rates on loans to brokers at the stock exchange soared to 70% and, with brokers unable to get money, stock prices fell to a low not seen since December 1900. The panic quickly spread to two other large

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raised its interest rates, partly in response to UK insurance companies paying out so much to US policyholders, and more funds remained in London than expected. From their peak in January, stock prices declined 18% by July 1906. By late September, stocks had recovered about half of their losses.

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believed Morgan took advantage of the panic to allow his U.S. Steel company to acquire TC&I. Although Morgan lost $ 21 million in the panic, and the significance of the role he played in staving off worse disaster is undisputed, he also became the focus of intense scrutiny and criticism.

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At 3 a.m. about 120 bank and trust company officials assembled to hear a full report on the status of the failing trust companies. While the Trust Company of America was barely solvent, the Lincoln Trust Company was probably $ 1 million short of what it needed to cover depositor accounts. As

799:. Cortelyou said that he was ready to deposit government money in the banks to help shore up their deposits. After an overnight audit of the Trust Company of America showed the institution to be sound, on Wednesday afternoon Morgan declared, "This is the place to stop the trouble, then." 291:

occurred outside the US in 1907: in Egypt in April and May; in Japan in May and June; in Germany and Chile in early October. The fall season was always a vulnerable time for the banking system—combined with the roiled stock market, even a small shock could have grave repercussions.

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Because of past association with Charles W. Morse and F. Augustus Heinze, on Monday, October 21, the board of the Knickerbocker asked that Barney resign (depositors may have first begun to pull deposits from the Knickerbocker on October 18, prompting the concern). That day, the

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F. Augustus Heinze's association with the corner and the insolvent State Savings Bank proved too much for the board of the Mercantile to accept. Although they forced him to resign before lunch time, by then it was too late. As news of the collapse spread, depositors rushed

2410: 807:, the wealthiest man in the United States, deposited a further $ 10 million in Stillman's National City Bank. Rockefeller's massive deposit left the National City Bank with the deepest reserves of any bank in the city. To instill public confidence, Rockefeller phoned 650:(a consortium of the city's banks) forced Morse and Heinze to resign all banking interests. By the weekend after the failed corner, there was not yet systemic panic. Funds were withdrawn from Heinze-associated banks, only to be deposited with other banks in the city. 2411:"1908 Photo: Frank A. Vanderlip leads a U.S. business delegation to Japan to meet with Japanese business leaders including Shibusawa Eiichi and representatives of Mitsui & Co. for their assistance in resolving The Panic of 1907 and the unstable U.S. Stock Market" 858:

Friday, however, saw more panic on the exchange. Morgan again approached the bank presidents, but this time was only able to convince them to pledge $ 9.7 million. In order for this money to keep the exchange open, Morgan decided the money could not be used for

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noted that "the market keeps unstable ... no sooner are these signs of new life in evidence than something like a suggestion of a new outflow of gold to Paris sends a tremble all through the list, and the gain in values and hope is gone". Several

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that devastated San Francisco contributed to the market instability, prompting an even greater flood of money from New York to San Francisco to aid reconstruction. A further stress on the money supply occurred in late 1906, when the

876:, sent word of his "admiration and respect" for Morgan. In an attempt to gather confidence, the Treasury Secretary Cortelyou agreed that if he returned to Washington it would send a signal to Wall Street that the worst had passed. 1157:

warned in a speech to the New York Chamber of Commerce that "unless we have a central bank with adequate control of credit resources, this country is going to undergo the most severe and far reaching money panic in its history".

253:. Between March 9 and 26, stocks fell a further 9.8%. (This March collapse is sometimes referred to as a "rich man's panic".) The economy remained volatile through the summer. A number of shocks hit the system: the stock of 3226: 1061:

might be vital. I do not believe that anyone could justly criticize me for saying that I would not feel like objecting to the purchase under those circumstances". When news reached New York, confidence soared. The

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forced their way through the crowd, assuring them that everyone would be paid. In less than three hours, $ 8 million was withdrawn from the Knickerbocker. Shortly after noon it was forced to suspend operations.

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Associates of Morgan blamed his continued physical decline on the hearings. He became ill in February and died on March 31, 1913, nine months before the Federal Reserve officially replaced the "money trust" as

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The final report of the National Monetary Commission was published on January 11, 1911. For nearly two years legislators debated the proposal, and it was not until December 23, 1913, that Congress passed the

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Augustus' brother, Otto, devised the scheme to corner United Copper, believing that the Heinze family already controlled a majority of the company. He also believed that a significant number of the Heinzes'

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The frequency of crises and the severity of the 1907 panic added to concern about the outsized role of J.P. Morgan and renewed impetus toward a national debate on reform. In May 1908, Congress passed the

249:(ICC) the power to set maximum railroad rates, became law in July 1906. This depreciated the value of railroad securities. Between September 1906 and March 1907, the stock market slid, losing 7.7% of its 3219: 134:

from New York City banks. The panic then extended across the nation as vast numbers of people withdrew deposits from their regional banks, causing the 8th-largest decline in U.S. stock market history.

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and allow—before the market opened—a company that already held a 60% share of the steel market to make a large acquisition. Roosevelt's secretary refused to see them, but Frick and Gary convinced

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at Madison Avenue and 36th St. had become a revolving door of New York City bank and trust company presidents arriving to share information about (and seek help surviving) the impending crisis.

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approached Morgan for assistance. In an effort to avoid the disastrous signal that a New York City bankruptcy would send, Morgan contracted to purchase $ 30 million worth of city bonds.

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Despite the infusion of cash, the banks of New York were reluctant to make the short-term loans they typically provided to facilitate daily stock trades. Prices on the exchange began to

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in New York City fluctuated with the country's annual agricultural cycle. Each autumn money flowed out of the city as harvests were purchased and—in an effort to attract money back—

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Production fell by 11% and imports by 26%, while unemployment rose to 8% from under 3%. Immigration dropped to 750,000 people in 1909, from 1.2 million two years earlier.

5556: 1316:. Untermyer and Morgan's famous exchange on the fundamentally psychological nature of banking—that it is an industry built on trust—is often quoted in business articles: 4112: 972:(TC&I) as collateral. With the value of the thinly traded stock under pressure, many banks would likely call the loans of Moore & Schley on Monday and force an 835:, rushed to Morgan's offices to tell him that he would have to close the exchange early. Morgan was emphatic that an early close of the exchange would be catastrophic. 5533: 3382: 3242: 321:

Heinze's corner fails spectacularly. Heinze's brokerage house, Gross & Kleeberg is forced to close. This is the date traditionally cited as when the corner failed.

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liquidation of the firm's stock. If that occurred it would send TC&I shares plummeting, devastating Moore and Schley and triggering further panic in the market.

584:, by speculators betting that the stock price would drop, and that they could thus repurchase the borrowed shares cheaply, pocketing the difference. Otto proposed a 5518: 5457: 5420: 5668: 5636: 5254: 5578: 3625: 759:. Morgan was not only the city's wealthiest and most well-connected banker, but he had experience with other similar financial crises—he had helped rescue the 5117: 3250: 1022:, worked at the library to finalize the deal for U.S. Steel to buy TC&I and by Sunday night had a plan for acquisition. But one obstacle remained: the 767:. As news of the crisis gathered, Morgan returned to Wall Street from his convention late on the night of Saturday, October 19. The following morning, the 5502: 5362: 5261: 1301:

monopoly of Morgan and New York's other most powerful bankers. The committee issued a scathing report on the banking trade and found that the officers of

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Jaremski, Matthew, and David C. Wheelock. "Interbank Networks and the Interregional Transmission of Financial Crises: Evidence from the Panic of 1907."

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The stock closed at $ 30 on Tuesday and fell to $ 10 by Wednesday (Oct. 16). Otto Heinze was ruined. The stock of United Copper was traded outside

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Although calm was largely restored in New York by Saturday, November 2, yet another crisis loomed. One of the exchange's largest brokerage firms,

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during periods of low cash reserves. The belief that the U.S. economy was vulnerable without a central bank was not new. Early in 1907, banker

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Calomiris, Charles W.; Gorton, Gary (1992), "The Origins of Banking Panics: Models, Facts and Bank Regulation", in Hubbard, R. Glenn (ed.),

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Before money or anything else. Money cannot buy it … a man I do not trust could not get money from me on all the bonds in Christendom.

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also sat on the boards of directors of 112 corporations with a market capitalization of $ 22.5 billion (the total capitalization of the

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reported that "the relief furnished by this transaction was instant and far-reaching". The final crisis of the panic had been averted.

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had largely ended, only to be replaced by a further crisis due to the heavy borrowing of a large brokerage firm using the stock of

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for the Knickerbocker. On October 22, the Knickerbocker faced a classic bank run. From the bank's opening, the crowd grew. As

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were raised. Foreign investors then sent their money to New York to take advantage of the higher rates. From the January 1906

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Although suffering ill health, J. P. Morgan testified before the Pujo Committee and faced several days of questioning from

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National. Afraid of the impact the tainted reputations of Augustus Heinze and Morse could have on the banking system, the

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persuades other trust company presidents to provide liquidity to the Trust Company of America, staving off its collapse.

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A week later many regional stock exchanges throughout the nation were closing or limiting trading. For example, the

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agrees to deposit Federal money in New York banks. Morgan persuades bank presidents to provide $ 23 million to the

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22, the president of the Trust Company of America asked Morgan for assistance. That evening Morgan conferred with

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Fohlin, Caroline, and Zhikun Lu. "How Contagious Was the Panic of 1907? New Evidence from Trust Company Stocks."

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second to explain to the press the various aspects of the financial rescue package. Europe's most famous banker,

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When the chaos began to shake the confidence of New York's banks, the city's most famous banker was out of town.

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Montana (owned by F. Augustus Heinze) announced its insolvency. The Montana bank had held United Copper stock as

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reported, "Never has there been such wild scenes on the Curb, so say the oldest veterans of the outside market".

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Caporale, Tony; McKiernan, Barbara (1998), "Interest Rate Uncertainty and the Founding of the Federal Reserve",

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On Sunday afternoon and into the evening, Morgan, Perkins, Baker and Stillman, along with U.S. Steel's Gary and

87:. The 1907 panic eventually spread throughout the nation when many state and local banks and businesses entered 5247: 4910: 4882: 4719: 3959: 3747: 2989: 946: 714: 430: 3909: 3904: 3899: 334: 141:, who pledged large sums of his own money and convinced other New York bankers to do the same to shore up the 945:

Unbeknownst to Wall Street, a new crisis was being averted in the background. On Sunday, Morgan's associate,

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led a U.S. business delegation to Japan to meet with Japanese financial leaders including Taka Kawada,

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suddenly fell almost 50% from its peak the previous year. The panic occurred during a time of economic

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and Gary Gorton rate the worst panics as those leading to widespread bank suspensions: the panics of

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for the Mercantile National Bank in New York City, of which F. Augustus Heinze was then president.

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signed the legislation immediately, and the legislation was enacted on the same day, creating the

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with the goal allying with Japan to resolve the Panic of 1907 and the unstable U.S. stock market.

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The Exchange suspends Otto Heinze and Company. The State Savings Bank of Butte, Montana, owned by

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He is commanding two bears symbolize "Interstate Commerce Commission" and "Federal Courts". From

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The New York Clearing House forces Augustus and Morse to resign from all their banking interests.

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that took place in the United States over a three-week period starting in mid-October, when the

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high of 103, the market began a modest correction that would continue throughout the year. The

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Gorton, Gary (2009), "Clearinghouses and the Origin of Central Banking in the United States",

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Moen, Jon; Tallman, Ellis (1992), "The Bank Panic of 1907: The Role of the Trust Companies",

2982:"Financial Panics, the Seasonality of the Nominal Interest Rate, and the Founding of the Fed" 2915: 1184:

Aldrich convened a secret conference with a number of the nation's leading financiers at the

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A significant difference between the European and U.S. banking systems was the absence of a

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Moore & Schley, a major brokerage, nears collapse because its loans were backed by the

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To avert the collapse of Moore & Schley, Morgan called an emergency conference at his

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Morgan purchased $ 30 million in city bonds, discreetly averting bankruptcy for the city.

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but was unable to inject sufficient liquidity back into the market. By November, the

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Here trading nearly collapsed at the end of October as banks were reluctant to lend.

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that if they cannot raise $ 20–30 million by November 1, the city will be insolvent.

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The House of Morgan: An American Banking Dynasty and the Rise of Modern Finance

3673: 3093: 3070: 3015: 2769: 2625: 2330: 1362: 1271: 1216:(representing J. P. Morgan), produced a design for a "National Reserve Bank". 1174: 1057: 1023: 772: 654: 454: 88: 32: 1940: 1563: 1491: 477:

approves U.S. Steel's takeover of TC&I, despite anticompetitive concerns.

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All the Presidents' Bankers: The Hidden Alliances that Drive American Power

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to investigate the panic and to propose legislation to regulate banking.

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violations. In the first nine months of 1907, stocks were lower by 24.4%.

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A History of the Global Stock Market; From Ancient Rome to Silicon Valley

1540:"What Prior Market Crashes Can Teach Us About Navigating the Current One" 1212:(president of the Morgan-dominated First National Bank of New York), and 1031: 788: 713:

where J.P. Morgan was a dominant factor, announced it would not serve as

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Although Morgan was briefly seen as a hero, widespread fears concerning

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The panic might have deepened if not for the intervention of financier

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became the Fed's first chairman, and none other than Morgan's deputy

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Here's How It's Done, Hank: A Parable From a Crisis of a Century Ago

1297:), convened a special committee to investigate a "money trust", the 4160: 1467:

titled: "The Central Bank—Why should Uncle Sam establish one, when

2893:

Till Time's Last Sand: A History of the Bank of England, 1694–2013

2571:

The Panic of 1907: Lessons Learned from the Market's Perfect Storm

1261: 1005: 837: 735: 668: 554: 192: 115: 95:

by a number of New York City banks and a loss of confidence among

31: 1244:, the most important regional bank, with a permanent seat on the 591:

To finance the scheme, Otto, Augustus and Charles Morse met with

110:

The panic was triggered by the failed attempt in October 1907 to

1324:

Is not commercial credit based primarily upon money or property?

80: 4164: 3215: 2817:

Annals of the American Academy of Political and Social Science

1145:

in the United States. European states were able to extend the

2503:(September 28, 2008), p. b1. Retrieved on September 30, 2008. 333:

announces it is insolvent. Augustus is forced to resign from

1520:"The Role of Information Failures in the Financial Meltdown" 1708:

As measured by an index of all listed stocks, according to

200:

1904–1910. The bottom of 53 was recorded November 15, 1907.

2945:

Manias, Panics, and Crashes: A History of Financial Crises

1041:

to implore Roosevelt to set aside the application of the

942:

cash, a sense of order returned to New York that Monday.

465:

A plan is finalized for U.S. Steel to take over TC&I.

91:. The primary causes of the run included a retraction of 261:—fell 50 points; that June an offering of New York City 2965:(2nd ed.), Missoula: University of Montana Press, 2963:

Copper King at War: The Biography of F. Augustus Heinze

787:

of the National City Bank of New York (the ancestor of

532:. Morse had once successfully cornered New York City's 1169:

and his son Shibusawa Masao, also founding members of

661:

closed for three months starting on October 23, 1907.

4509:

Post-Napoleonic Irish grain price and land use shocks

2643:

The Morgans: Private International Bankers, 1854–1913

2236: 2234: 2137: 2135: 309:

Otto Heinze begins purchasing to corner the stock of

2786:"Bank panics and the endogeneity of central banking" 489:(no federal elections were actually held this year). 212:

to expire in 1836, the U.S. was without any sort of

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Encyclopedia of American Recessions and Depressions

2590:, U of Virginia – Darden School of Business, (2009) 1588:"The Financial Panic of 1907: Running from History" 595:, president of the city's third-largest trust, the 2736:A Monetary History of the United States: 1867–1960 1736: 1196:(Assistant Secretary of the Treasury Department), 1037:Frick and Gary traveled overnight by train to the 1529:, School of Information, UC Berkeley, Summer 2009 1266:Cartoon of J. P. Morgan seizing control of banks. 417:Crisis is again narrowly averted at the Exchange. 2947:(5th ed.), Hoboken: John Wiley & Sons, 27:Three-week financial crisis in the United States 3173:Federal Reserve Bank of Atlanta Economic Review 2588:"The Panic of 1907, (Darden Case No. UVA-G-0619 2349: 1623: 983:Saturday morning. A proposal was made that the 380:forces the Knickerbocker to suspend operations. 368:says it will no longer serve as clearing house. 2573:, Hoboken, New Jersey: John Wiley & Sons, 2290: 2288: 1949:. Kalgoorlie, WA. December 8, 1931. p. 36 5637:List of stock market crashes and bear markets 4176: 3227: 3050:Odell, Kerry A.; Weidenmier, Marc D. (2004), 2345: 2343: 2331:US Business Cycle Expansions and Contractions 1732: 1730: 364:because of his ties to Morse and Heinze. The 145:. That highlighted the limitations of the US 8: 2038: 2036: 1869: 1867: 1865: 1680: 1678: 1392:—Philadelphia lawyer and businessman. (1908) 1075:The panic of 1907 occurred during a lengthy 337:. Runs begin at Augustus' and his associate 2813:"The Panic of 1907 and Some of Its Lessons" 2275: 2273: 2153: 2042: 1903: 1873: 1669: 1665: 1663: 1611: 633:against some of its lending and had been a 451:Tennessee Coal, Iron & Railroad Company 4183: 4169: 4161: 3234: 3220: 3212: 2685:Titan: the Life of John D. Rockefeller, Sr 2541: 2524: 2512: 2442: 2427: 2361: 2318: 2306: 2279: 2264: 2252: 2225: 2213: 2201: 2189: 2177: 2165: 2126: 2114: 2102: 2090: 2066: 2027: 2015: 1991: 1979: 1967: 1957:– via National Library of Australia. 1927: 1915: 1856: 1844: 1832: 1820: 1808: 1796: 1784: 1773: 1760: 1748: 1721: 1709: 1508:– via National Library of Australia. 1208:(senior partner of J. P. Morgan Company), 299: 5458:2015–2016 Chinese stock market turbulence 2875:, New York: Frederick A. Stokes Company, 2569:Bruner, Robert F.; Carr, Sean D. (2007), 2537: 2535: 2533: 1461:A February 2, 1910, editorial cartoon in 970:Tennessee Coal, Iron and Railroad Company 705:was the third-largest trust in New York. 159:Tennessee Coal, Iron and Railroad Company 3118:, Chicago: University of Chicago Press, 2598:, Chicago: University of Chicago Press, 2438: 2436: 1564:Panic of 1907: J.P. Morgan Saves the Day 783:, the president of First National Bank, 283:The Commercial & Financial Chronicle 2646:, Cambridge: Harvard University Press, 2553: 2478: 2466: 2454: 2294: 2240: 2141: 2078: 2054: 2003: 1696: 1636:"Paul Saffo, ABC News (April 17, 2008)" 1575:Born of a Panic: Forming the Fed System 1483: 1402: 1309:was then estimated at $ 26.5 billion). 1280:House Committee on Banking and Currency 793:United States Secretary of the Treasury 755:, was attending a church convention in 743:, the dominant banker in New York City. 39:during the bank panic in October 1907. 5363:Venezuelan banking crisis of 2009–2010 5133:South American economic crisis of 2002 5030:Black Wednesday (1992 Sterling crisis) 2596:Financial Markets and Financial Crises 1331:No, sir. The first thing is character. 257:—among the most common stocks used as 5414:2013 Chinese banking liquidity crisis 5370:2010–2014 Portuguese financial crisis 4846:Secondary banking crisis of 1973–1975 3164:Tallman, Ellis W.; Moen, Jon (1990), 2397: 2385: 2373: 1684: 1500:. Adelaide. March 16, 1933. p. 8 1386:A Central Bank as a Menace to Liberty 1200:(representing Kuhn, Loeb & Co.), 1137:History of the Federal Reserve System 7: 5669:Economic crises in the United States 5444:Russian financial crisis (2014–2016) 5297:2008–2011 Icelandic financial crisis 5290:2008–2009 Ukrainian financial crisis 5255:2000s U.S. housing market correction 5095:1998–2002 Argentine great depression 2335:National Bureau of Economic Research 1081:National Bureau of Economic Research 1064:Commercial & Financial Chronicle 5601:2023–2024 Egyptian financial crisis 5436:Puerto Rican government-debt crisis 5429:2014–2016 Brazilian economic crisis 4802:1963–1965 Indonesian hyperinflation 4705:Shanghai rubber stock market crisis 4394:Dutch Republic stock market crashes 2852:FRB St. Louis Working Paper 2022-20 2784:Gorton, Gary; Huang, Lixin (2006), 1586:Tucker, Abigail (October 9, 2008). 149:system, which managed the nation's 5407:2012–2013 Cypriot financial crisis 5311:2008–2014 Spanish financial crisis 5283:2008–2009 Russian financial crisis 5276:2008–2009 Belgian financial crisis 4971:1988–1992 Norwegian banking crisis 4466:British credit crisis of 1772–1773 3538:British credit crisis of 1772–1773 3195:. Retrieved on September 14, 2008. 2337:. Retrieved on September 22, 2008. 1409:This curb market later became the 301:Timeline of panic in New York City 25: 5594:2023 United States banking crisis 5400:2011 Bangladesh share market scam 5088:1998–1999 Ecuador economic crisis 5052:Venezuelan banking crisis of 1994 4978:Japanese asset price bubble crash 4919:Souk Al-Manakh stock market crash 4669:Australian banking crisis of 1893 4473:Dutch Republic financial collapse 3251:Commonwealth of Nations countries 2586:Bruner, Robert F. and Sean Carr, 1941:"WHEN THE POUND SAVED THE DOLLAR" 1381:Mercantile National Bank Building 701:was a famous financier. Barney's 516:. Heinze had made a fortune as a 4451:Amsterdam banking crisis of 1763 3166:"Lessons from the Panic of 1907" 1492:"AMERICAN BANKS "IN THE JUNGLE"" 1365: 1242:Federal Reserve Bank of New York 910: 901: 892: 883: 269:market collapsed; in August the 210:Second Bank of the United States 5176:2007 Chinese stock bubble crash 4502:Danish state bankruptcy of 1813 3247:recessions in the United States 3059:The Journal of Economic History 3033:Forty Years of American Finance 3004:The Journal of Economic History 2758:The Journal of Economic History 2614:The Journal of Economic History 5557:Chinese property sector crisis 5465:2015–2016 stock market selloff 5393:August 2011 stock markets fall 5304:2008–2011 Irish banking crisis 5001:1990s Swedish financial crisis 4750:Weimar Republic hyperinflation 3030:Noyes, Alexander Dana (1909), 1737:Kindleberger & Aliber 2005 247:Interstate Commerce Commission 177:. The following year, Senator 41:Federal Hall National Memorial 1: 5630:List of sovereign debt crises 5572:2022 Russian financial crisis 5269:2008 Latvian financial crisis 5262:U.S. bear market of 2007–2009 5140:Stock market downturn of 2002 5081:1998 Russian financial crisis 4934:1983 Israel bank stock crisis 3134:"The American Crisis of 1907" 3132:Sprague, Oliver M.W. (1908), 3100:, New York: Bold Type Books, 2884:. Retrieved January 11, 2010. 2805:10.1016/j.jmoneco.2005.05.015 2793:Journal of Monetary Economics 1246:Federal Open Market Committee 819:Stock exchange nears collapse 751:, the eponymous president of 360:is forced to resign from the 204:When United States President 99:, exacerbated by unregulated 5332:Greek government-debt crisis 5169:2004 Argentine energy crisis 5126:2001 Turkish economic crisis 5015:1990s Armenian energy crisis 5008:1990s Finnish banking crisis 4869:1976 British currency crisis 4839:1973–1974 stock market crash 2640:Carosso, Vincent P. (1987), 1125:National Monetary Commission 500:The 1907 panic began with a 409:to prevent an early closure. 226:Dow Jones Industrial Average 198:Dow Jones Industrial Average 5488:2017 Sri Lankan fuel crisis 5154:2003 Myanmar banking crisis 5147:2002 Uruguay banking crisis 5067:1997 Asian financial crisis 4994:1991 Indian economic crisis 4986:Rhode Island banking crisis 4956:Cameroonian economic crisis 4742:Early Soviet hyperinflation 4355:Crisis of the Third Century 3993:1997 Asian financial crisis 3626:Civil War-era United States 2704:The Roosevelt Panic of 1907 2350:Calomiris & Gorton 1992 1624:Odell & Weidenmier 2004 1034:a focus of his presidency. 1030:, who had made breaking up 703:Knickerbocker Trust Company 697:, whose late father-in-law 677:at the northwest corner of 675:Knickerbocker Trust Company 597:Knickerbocker Trust Company 362:Knickerbocker Trust Company 273:was fined $ 29 million for 208:allowed the charter of the 124:Knickerbocker Trust Company 5705: 5519:Sri Lankan economic crisis 5377:Energy crisis in Venezuela 5356:2009 Dubai debt standstill 5206:2007–2008 financial crisis 4861:Latin American debt crisis 4624:Paris Bourse crash of 1882 3769:Post–World War I recession 3589:Post-Napoleonic Depression 2914:Leab, Daniel, ed. (2014). 2829:10.1177/000271620803100203 2811:Herrick, Myron T. (1908), 2740:Princeton University Press 2716:AEA Papers and Proceedings 2687:, New York: Random House, 1525:December 22, 2009, at the 1255: 1134: 75:, and there were numerous 5664:1907 in the United States 5610: 5587:2022 stock market decline 5579:Pakistani economic crisis 5565:2021–2023 inflation surge 5511:Lebanese liquidity crisis 5480:Venezuelan hyperinflation 5472:Brexit stock market crash 5421:Venezuela economic crisis 5183:Zimbabwean hyperinflation 4766:Wall Street Crash of 1929 4606:2nd Industrial Revolution 4440:1st Industrial Revolution 4198: 3679:2nd Industrial Revolution 3612:(1836–1838 and 1839–1843) 3528:1st Industrial Revolution 3296:Price-and-wage stickiness 3257: 3071:10.1017/S0022050704043062 3016:10.1017/S0022050700011414 2920:. ABC-CLIO 2 vol 919 pp. 2770:10.1017/S0022050700033957 2669:, New York: Grove Press, 2626:10.1017/S0022050700021756 1891:February 7, 2017, at the 1338:Before money or property? 1051:Secretary of the Interior 711:National Bank of Commerce 366:National Bank of Commerce 169:, a move approved by the 5659:1907 in economic history 5248:Subprime mortgage crisis 4911:Brazilian hyperinflation 4883:Brazilian hyperinflation 4720:Financial crisis of 1914 4428:Mississippi bubble crash 3960:1990s United States boom 3748:Financial crisis of 1914 3208:—Federal Reserve History 2990:American Economic Review 2937:Kindleberger, Charles P. 2701:Edwards, Adolph (1907), 1240:became president of the 1123:, which established the 335:Mercantile National Bank 5623:List of economic crises 5541:2020 stock market crash 5534:Financial market impact 5503:Turkish economic crisis 5118:9/11 stock market crash 5074:October 1997 mini-crash 5045:1994 bond market crisis 5037:Yugoslav hyperinflation 4948:Savings and loan crisis 4549:European potato failure 3775:Depression of 1920–1921 3707:Depression of 1882–1885 3621:Early Victorian Britain 3356:Real and nominal values 3114:Smith, B. Mark (2004), 3036:, G. P. Putnam's sons, 2961:McNelis, Sarah (1969), 2732:Jacobson Schwartz, Anna 2415:TheEmperorandtheSpy.com 2154:Tallman & Moen 1990 2043:Tallman & Moen 1990 1904:Moen & Tallman 1992 1874:Tallman & Moen 1990 1670:Tallman & Moen 1990 1612:Tallman & Moen 1990 1471:is already on the job?" 1411:American Stock Exchange 1307:New York Stock Exchange 844:New York Stock Exchange 833:New York Stock Exchange 831:, the president of the 699:William Collins Whitney 648:New York Clearing House 617:The Wall Street Journal 612:American Stock Exchange 608:New York Stock Exchange 561:New York Stock Exchange 496:Cornering United Copper 485:Markets are closed for 429:tells Morgan associate 407:New York Stock Exchange 69:New York Stock Exchange 47:, is seen on the right. 5616:List of banking crises 5385:Syrian economic crisis 5318:Blue Monday Crash 2009 4927:Chilean crisis of 1982 4758:Shōwa financial crisis 4564:Highland Potato Famine 4420:South Sea bubble crash 4211:Commodity price shocks 3880:Recession of 1969–1970 3875:Recession of 1960–1961 3834:Recession of 1937–1938 3179:: 2–13, archived from 2869:The Sixty-first Second 2542:Bruner & Carr 2007 2525:Bruner & Carr 2007 2513:Bruner & Carr 2007 2443:Bruner & Carr 2007 2428:Bruner & Carr 2007 2362:Bruner & Carr 2007 2319:Bruner & Carr 2007 2307:Bruner & Carr 2007 2280:Bruner & Carr 2007 2265:Bruner & Carr 2007 2253:Bruner & Carr 2007 2226:Bruner & Carr 2007 2214:Bruner & Carr 2007 2202:Bruner & Carr 2007 2190:Bruner & Carr 2007 2178:Bruner & Carr 2007 2166:Bruner & Carr 2007 2127:Bruner & Carr 2007 2115:Bruner & Carr 2007 2103:Bruner & Carr 2007 2091:Bruner & Carr 2007 2067:Bruner & Carr 2007 2028:Bruner & Carr 2007 2016:Bruner & Carr 2007 1992:Bruner & Carr 2007 1980:Bruner & Carr 2007 1968:Bruner & Carr 2007 1928:Bruner & Carr 2007 1916:Bruner & Carr 2007 1857:Bruner & Carr 2007 1845:Bruner & Carr 2007 1833:Bruner & Carr 2007 1821:Bruner & Carr 2007 1809:Bruner & Carr 2007 1797:Bruner & Carr 2007 1785:Bruner & Carr 2007 1774:Bruner & Carr 2007 1761:Bruner & Carr 2007 1749:Bruner & Carr 2007 1722:Bruner & Carr 2007 1710:Bruner & Carr 2007 1303:J. P. Morgan & Co. 1267: 1230:Federal Reserve System 1047:James Rudolph Garfield 1015: 985:U.S. Steel Corporation 851: 744: 685: 568: 201: 183:Federal Reserve System 167:U.S. Steel Corporation 48: 4941:Black Saturday (1983) 4795:Kennedy Slide of 1962 4367:Commercial revolution 3998:Early 2000s recession 3965:Early 1990s recession 3917:Early 1980s recession 3497:Commercial revolution 3395:Nominal interest rate 2683:Chernow, Ron (1998), 1353:lender of last resort 1265: 1087:Since the end of the 1043:Sherman Antitrust Act 1014:attacking Wall Street 1009: 841: 811:, the manager of the 753:J.P. Morgan & Co. 739: 672: 665:Panic hits the trusts 559:The curb outside the 558: 514:United Copper Company 457:to purchase TC&I. 385:Wednesday, October 23 318:Wednesday, October 16 230:April 1906 earthquake 196: 120:United Copper Company 43:, with its statue of 35: 5689:Stock market crashes 5684:November 1907 events 5495:Ghana banking crisis 5325:European debt crisis 5110:Dot-com bubble crash 5022:Cuban Special Period 4481:Copper Panic of 1789 4386:The Great Debasement 4378:Great Bullion Famine 3564:Copper Panic of 1789 3138:The Economic Journal 2899:. pp. 261–262. 1592:Smithsonian Magazine 1518:Yale M. Braunstein, 1155:Kuhn, Loeb & Co. 1121:Aldrich–Vreeland Act 1077:economic contraction 1026:crusading President 960:Drama at the library 867:Crisis of confidence 688:In the early 1900s, 673:Headquarters of the 614:). After the crash, 567:, where panic began. 446:Saturday, November 2 396:Thursday, October 24 326:Thursday, October 17 271:Standard Oil Company 265:failed; in July the 147:Independent Treasury 61:Knickerbocker Crisis 55:, also known as the 5679:October 1907 events 5451:2015 Nepal blockade 5161:2000s energy crisis 5059:Mexican peso crisis 4964:Black Monday (1987) 4824:1970s energy crisis 4784:Post–WWII expansion 4458:Bengal bubble crash 4253:Financial contagion 3900:1973–1975 recession 3844:Post–WWII expansion 3518:Great Frost of 1709 3346:Neutrality of money 3327:Classical dichotomy 3243:Economic expansions 3186:on October 29, 2008 2500:The Washington Post 1422:He had rescued the 1390:George H. Earle Jr. 1222:Federal Reserve Act 1188:, off the coast of 925:George B. Cortelyou 921:John D. Rockefeller 805:John D. Rockefeller 797:George B. Cortelyou 693:most respected was 482:Tuesday, November 5 438:Tuesday, October 29 373:Tuesday, October 22 302: 189:Economic conditions 155:financial contagion 57:1907 Bankers' Panic 4713:Panic of 1910–1911 4557:Great Irish Famine 4495:Panic of 1796–1797 4334:Stock market crash 4082:COVID-19 recession 3742:Panic of 1910–1911 3574:Panic of 1796–1797 3400:Real interest rate 3368:Economic expansion 2718:. Vol. 111. 2021. 2710:, Anitrock Pub. Co 2469:, pp. 122–123 2255:, pp. 124–127 2204:, pp. 116–117 1886:Historic Pittsburg 1268: 1202:Frank A. Vanderlip 1186:Jekyll Island Club 1163:Frank A. Vanderlip 1079:, measured by the 1055:Secretary of State 1028:Theodore Roosevelt 1016: 1012:Theodore Roosevelt 966:Moore & Schley 852: 757:Richmond, Virginia 745: 720:The New York Times 686: 635:correspondent bank 569: 510:F. Augustus Heinze 502:stock manipulation 475:Theodore Roosevelt 470:Monday, November 4 462:Sunday, November 3 422:Sunday, October 27 400:Treasury Secretary 354:Monday, October 21 346:Sunday, October 20 306:Monday, October 14 300: 202: 175:Theodore Roosevelt 49: 5646: 5645: 5527:COVID-19 pandemic 4412:Tulip mania crash 4403:Kipper und Wipper 4380:(c. 1400–c. 1500) 4158: 4157: 3869:Recession of 1958 3863:Recession of 1953 3857:Recession of 1949 3554:Thirteen Colonies 3361:Velocity of money 3291:Paradox of thrift 3125:978-0-226-76404-7 3107:978-1-56858-491-1 3043:978-0-405-13672-6 2978:Miron, Jeffrey A. 2954:978-0-471-46714-4 2749:978-0-691-00354-2 2694:978-0-679-43808-3 2676:978-0-8021-3829-3 2653:978-0-674-58729-8 2605:978-0-226-35588-7 2580:978-0-470-15263-8 2544:, pp. 182–83 2457:, pp. 154–67 2376:, pp. 99–100 2364:, pp. 141–42 2321:, pp. 132–33 2297:, pp. 128–29 2180:, pp. 111–12 2117:, pp. 103–07 2105:, pp. 102–03 2093:, pp. 100–01 2057:, pp. 542–44 1282:, Representative 1278:The chair of the 1210:Charles D. Norton 1093:Charles Calomiris 695:Charles T. Barney 593:Charles T. Barney 506:corner the market 493: 492: 414:Friday October 25 358:Charles T. Barney 245:, which gave the 179:Nelson W. Aldrich 112:corner the market 45:George Washington 18:The Panic of 1907 16:(Redirected from 5696: 5674:Financial crises 5639: 5632: 5625: 5618: 5603: 5596: 5589: 5582: 5574: 5567: 5560: 5550: 5543: 5536: 5529: 5522: 5514: 5506: 5498: 5490: 5483: 5475: 5467: 5460: 5453: 5446: 5439: 5431: 5424: 5416: 5409: 5402: 5395: 5388: 5380: 5372: 5365: 5358: 5334: 5327: 5320: 5313: 5306: 5299: 5292: 5285: 5278: 5271: 5264: 5257: 5250: 5243: 5236: 5229: 5222: 5215: 5208: 5186: 5178: 5171: 5164: 5156: 5149: 5142: 5135: 5128: 5121: 5113: 5105: 5097: 5090: 5083: 5076: 5069: 5062: 5054: 5047: 5040: 5032: 5025: 5017: 5010: 5003: 4996: 4989: 4981: 4973: 4966: 4959: 4951: 4943: 4936: 4929: 4922: 4914: 4900:Great Regression 4895:Great Moderation 4886: 4878: 4871: 4864: 4856: 4848: 4841: 4834: 4827: 4804: 4797: 4775: 4768: 4761: 4753: 4745: 4722: 4715: 4708: 4700: 4693: 4686: 4679: 4671: 4664: 4657: 4649: 4641: 4633: 4626: 4619: 4597: 4589: 4582: 4575: 4566: 4559: 4552: 4533: 4526: 4519: 4512: 4504: 4497: 4490: 4483: 4476: 4468: 4461: 4453: 4431: 4423: 4415: 4407: 4397: 4389: 4381: 4358: 4336: 4329: 4322: 4313: 4306: 4299: 4292: 4285: 4283:Liquidity crisis 4278: 4271: 4262: 4260:Social contagion 4255: 4248: 4241: 4234: 4227: 4220: 4213: 4206: 4192:Financial crises 4185: 4178: 4171: 4162: 3950:Great Regression 3945:Great Moderation 3791:Great Depression 3780:Roaring Twenties 3301:Underconsumption 3271:Effective demand 3262:Aggregate demand 3236: 3229: 3222: 3213: 3194: 3193: 3191: 3185: 3170: 3160: 3128: 3110: 3089: 3065:(4): 1002–1027, 3056: 3046: 3026: 2998: 2986: 2973: 2957: 2931: 2910: 2883: 2874: 2847: 2807: 2799:(7): 1613–1629, 2790: 2780: 2752: 2728:Friedman, Milton 2711: 2709: 2697: 2679: 2656: 2636: 2608: 2583: 2557: 2551: 2545: 2539: 2528: 2522: 2516: 2510: 2504: 2488: 2482: 2476: 2470: 2464: 2458: 2452: 2446: 2440: 2431: 2425: 2419: 2418: 2407: 2401: 2395: 2389: 2383: 2377: 2371: 2365: 2359: 2353: 2347: 2338: 2328: 2322: 2316: 2310: 2304: 2298: 2292: 2283: 2277: 2268: 2262: 2256: 2250: 2244: 2238: 2229: 2223: 2217: 2211: 2205: 2199: 2193: 2187: 2181: 2175: 2169: 2163: 2157: 2151: 2145: 2139: 2130: 2124: 2118: 2112: 2106: 2100: 2094: 2088: 2082: 2076: 2070: 2064: 2058: 2052: 2046: 2040: 2031: 2025: 2019: 2018:, pp. 87–88 2013: 2007: 2001: 1995: 1994:, pp. 83–86 1989: 1983: 1977: 1971: 1965: 1959: 1958: 1956: 1954: 1937: 1931: 1925: 1919: 1913: 1907: 1901: 1895: 1883: 1877: 1871: 1860: 1859:, pp. 61–62 1854: 1848: 1847:, pp. 51–55 1842: 1836: 1830: 1824: 1823:, pp. 47–48 1818: 1812: 1806: 1800: 1799:, pp. 43–44 1794: 1788: 1787:, pp. 38–40 1782: 1776: 1770: 1764: 1758: 1752: 1746: 1740: 1734: 1725: 1719: 1713: 1706: 1700: 1694: 1688: 1687:, pp. 361–2 1682: 1673: 1667: 1658: 1657: 1655: 1653: 1647: 1641:. Archived from 1640: 1632: 1626: 1621: 1615: 1609: 1603: 1602: 1600: 1598: 1583: 1577: 1572: 1566: 1561: 1555: 1554: 1552: 1550: 1544:Morningstar, Inc 1536: 1530: 1516: 1510: 1509: 1507: 1505: 1488: 1472: 1459: 1453: 1446: 1440: 1437: 1431: 1420: 1414: 1407: 1375: 1370: 1369: 1368: 1346: 1339: 1332: 1325: 1314:Samuel Untermyer 1206:Henry P. Davison 1171:Mitsui & Co. 1167:Shibusawa Eiichi 1020:Henry Clay Frick 954:George McClellan 914: 905: 896: 887: 848:pictured in 1908 813:Associated Press 530:Charles W. Morse 427:City of New York 403:George Cortelyou 339:Charles W. Morse 303: 93:market liquidity 65:financial crisis 21: 5704: 5703: 5699: 5698: 5697: 5695: 5694: 5693: 5649: 5648: 5647: 5642: 5635: 5628: 5621: 5614: 5606: 5599: 5592: 5585: 5577: 5570: 5563: 5555: 5546: 5539: 5532: 5525: 5517: 5509: 5501: 5493: 5486: 5478: 5470: 5463: 5456: 5449: 5442: 5434: 5427: 5419: 5412: 5405: 5398: 5391: 5383: 5375: 5368: 5361: 5354: 5347: 5345:Information Age 5339: 5330: 5323: 5316: 5309: 5302: 5295: 5288: 5281: 5274: 5267: 5260: 5253: 5246: 5239: 5232: 5225: 5218: 5211: 5204: 5197: 5195:Great Recession 5189: 5181: 5174: 5167: 5159: 5152: 5145: 5138: 5131: 5124: 5116: 5108: 5100: 5093: 5086: 5079: 5072: 5065: 5057: 5050: 5043: 5035: 5028: 5020: 5013: 5006: 4999: 4992: 4984: 4976: 4969: 4962: 4954: 4946: 4939: 4932: 4925: 4917: 4909: 4902: 4898: 4889: 4881: 4876:1979 oil crisis 4874: 4867: 4859: 4851: 4844: 4837: 4832:1973 oil crisis 4830: 4822: 4815: 4813:Great Inflation 4807: 4800: 4793: 4786: 4778: 4771: 4764: 4756: 4748: 4740: 4733: 4731:Interwar period 4725: 4718: 4711: 4703: 4696: 4689: 4682: 4674: 4667: 4660: 4652: 4644: 4636: 4629: 4622: 4615: 4608: 4600: 4592: 4585: 4578: 4571: 4562: 4555: 4547: 4536: 4529: 4522: 4515: 4507: 4500: 4493: 4486: 4479: 4471: 4464: 4456: 4449: 4442: 4434: 4426: 4418: 4410: 4400: 4392: 4384: 4376: 4369: 4361: 4353: 4339: 4332: 4325: 4318: 4309: 4302: 4295: 4288: 4281: 4274: 4267: 4258: 4251: 4244: 4237: 4232:Currency crisis 4230: 4223: 4216: 4209: 4202: 4194: 4189: 4159: 4154: 4019:Great Recession 4011: 4009:Information Age 4003: 3952: 3948: 3939: 3892: 3890:Great Inflation 3884: 3846: 3838: 3761: 3759:Interwar period 3753: 3689:Long Depression 3681: 3677: 3668: 3628: 3624: 3615: 3530: 3522: 3499: 3491: 3456:U.S. recessions 3451:U.K. recessions 3383:U.S. expansions 3253: 3240: 3206:"Panic of 1907" 3202: 3189: 3187: 3183: 3168: 3163: 3150:10.2307/2221551 3144:(71): 353–372, 3131: 3126: 3113: 3108: 3092: 3054: 3049: 3044: 3029: 3001: 2984: 2976: 2960: 2955: 2935: 2928: 2913: 2907: 2889:Kynaston, David 2887: 2872: 2862: 2810: 2788: 2783: 2755: 2750: 2726: 2707: 2700: 2695: 2682: 2677: 2659: 2654: 2639: 2611: 2606: 2593: 2581: 2568: 2565: 2560: 2552: 2548: 2540: 2531: 2523: 2519: 2511: 2507: 2489: 2485: 2477: 2473: 2465: 2461: 2453: 2449: 2441: 2434: 2426: 2422: 2409: 2408: 2404: 2396: 2392: 2384: 2380: 2372: 2368: 2360: 2356: 2348: 2341: 2329: 2325: 2317: 2313: 2305: 2301: 2293: 2286: 2278: 2271: 2263: 2259: 2251: 2247: 2239: 2232: 2224: 2220: 2212: 2208: 2200: 2196: 2188: 2184: 2176: 2172: 2164: 2160: 2152: 2148: 2140: 2133: 2125: 2121: 2113: 2109: 2101: 2097: 2089: 2085: 2077: 2073: 2065: 2061: 2053: 2049: 2041: 2034: 2026: 2022: 2014: 2010: 2002: 1998: 1990: 1986: 1978: 1974: 1966: 1962: 1952: 1950: 1939: 1938: 1934: 1926: 1922: 1914: 1910: 1902: 1898: 1893:Wayback Machine 1884: 1880: 1872: 1863: 1855: 1851: 1843: 1839: 1831: 1827: 1819: 1815: 1807: 1803: 1795: 1791: 1783: 1779: 1772:Distilled from 1771: 1767: 1759: 1755: 1747: 1743: 1735: 1728: 1720: 1716: 1707: 1703: 1695: 1691: 1683: 1676: 1668: 1661: 1651: 1649: 1648:on June 8, 2023 1645: 1638: 1634: 1633: 1629: 1622: 1618: 1610: 1606: 1596: 1594: 1585: 1584: 1580: 1573: 1569: 1562: 1558: 1548: 1546: 1538: 1537: 1533: 1527:Wayback Machine 1517: 1513: 1503: 1501: 1490: 1489: 1485: 1481: 1476: 1475: 1460: 1456: 1447: 1443: 1438: 1434: 1421: 1417: 1408: 1404: 1399: 1371: 1366: 1364: 1361: 1348: 1341: 1340: 1334: 1333: 1327: 1326: 1320: 1260: 1254: 1238:Benjamin Strong 1214:Benjamin Strong 1179:Takamine Mitsui 1147:supply of money 1139: 1133: 1111:panics. A bank 1073: 989:Andrew Carnegie 962: 939: 938: 937: 936: 929:Lord Rothschild 917: 916: 915: 907: 906: 898: 897: 889: 888: 874:Lord Rothschild 869: 821: 781:George F. Baker 734: 690:trust companies 667: 626: 546:trust companies 498: 331:Augustus Heinze 298: 235:Bank of England 191: 85:trust companies 28: 23: 22: 15: 12: 11: 5: 5702: 5700: 5692: 5691: 5686: 5681: 5676: 5671: 5666: 5661: 5651: 5650: 5644: 5643: 5641: 5640: 5633: 5626: 5619: 5611: 5608: 5607: 5605: 5604: 5597: 5590: 5583: 5581:(2022–present) 5575: 5568: 5561: 5559:(2020–present) 5553: 5552: 5551: 5544: 5537: 5523: 5521:(2019–present) 5515: 5513:(2019–present) 5507: 5505:(2018–present) 5499: 5491: 5484: 5476: 5468: 5461: 5454: 5447: 5440: 5432: 5425: 5423:(2013–present) 5417: 5410: 5403: 5396: 5389: 5387:(2011–present) 5381: 5379:(2010–present) 5373: 5366: 5359: 5351: 5349: 5348:(2009–present) 5341: 5340: 5338: 5337: 5336: 5335: 5328: 5321: 5314: 5307: 5300: 5293: 5286: 5279: 5272: 5265: 5258: 5251: 5244: 5237: 5230: 5223: 5216: 5213:September 2008 5201: 5199: 5191: 5190: 5188: 5187: 5185:(2007–present) 5179: 5172: 5165: 5157: 5150: 5143: 5136: 5129: 5122: 5114: 5106: 5098: 5091: 5084: 5077: 5070: 5063: 5055: 5048: 5041: 5033: 5026: 5018: 5011: 5004: 4997: 4990: 4982: 4974: 4967: 4960: 4952: 4944: 4937: 4930: 4923: 4915: 4906: 4904: 4891: 4890: 4888: 4887: 4879: 4872: 4865: 4857: 4849: 4842: 4835: 4828: 4819: 4817: 4809: 4808: 4806: 4805: 4798: 4790: 4788: 4780: 4779: 4777: 4776: 4769: 4762: 4754: 4746: 4737: 4735: 4727: 4726: 4724: 4723: 4716: 4709: 4701: 4694: 4687: 4680: 4672: 4665: 4658: 4650: 4642: 4634: 4627: 4620: 4612: 4610: 4602: 4601: 4599: 4598: 4590: 4583: 4576: 4569: 4568: 4567: 4560: 4544: 4542: 4538: 4537: 4535: 4534: 4527: 4520: 4513: 4505: 4498: 4491: 4484: 4477: 4475:(c. 1780–1795) 4469: 4462: 4454: 4446: 4444: 4436: 4435: 4433: 4432: 4424: 4416: 4408: 4398: 4396:(c. 1600–1760) 4390: 4382: 4373: 4371: 4363: 4362: 4360: 4359: 4350: 4348: 4341: 4340: 4338: 4337: 4330: 4323: 4316: 4315: 4314: 4307: 4300: 4293: 4279: 4276:Hyperinflation 4272: 4265: 4264: 4263: 4249: 4242: 4235: 4228: 4221: 4214: 4207: 4199: 4196: 4195: 4190: 4188: 4187: 4180: 4173: 4165: 4156: 4155: 4153: 4152: 4151: 4150: 4145: 4140: 4138:United Kingdom 4135: 4130: 4125: 4120: 4115: 4110: 4105: 4100: 4095: 4090: 4079: 4078: 4077: 4072: 4070:United Kingdom 4067: 4062: 4057: 4052: 4047: 4042: 4037: 4032: 4027: 4015: 4013: 4012:(2007–present) 4005: 4004: 4002: 4001: 3995: 3990: 3989: 3988: 3983: 3981:United Kingdom 3978: 3973: 3962: 3956: 3954: 3941: 3940: 3938: 3937: 3936: 3935: 3930: 3928:United Kingdom 3925: 3914: 3913: 3912: 3907: 3905:United Kingdom 3896: 3894: 3886: 3885: 3883: 3882: 3877: 3872: 3866: 3860: 3854: 3850: 3848: 3840: 3839: 3837: 3836: 3831: 3830: 3829: 3824: 3822:United Kingdom 3819: 3814: 3809: 3804: 3799: 3788: 3785: 3782: 3777: 3772: 3765: 3763: 3755: 3754: 3752: 3751: 3745: 3739: 3733: 3727: 3724: 3718: 3712: 3709: 3704: 3703: 3702: 3697: 3695:United Kingdom 3685: 3683: 3670: 3669: 3667: 3666: 3660: 3654: 3651: 3645: 3642: 3636: 3632: 3630: 3617: 3616: 3614: 3613: 3607: 3604: 3601: 3595: 3592: 3586: 3583: 3580: 3577: 3571: 3561: 3558: 3557: 3556: 3551: 3546: 3534: 3532: 3524: 3523: 3521: 3520: 3515: 3510: 3503: 3501: 3493: 3492: 3490: 3489: 3488: 3487: 3477: 3476: 3475: 3470: 3460: 3459: 3458: 3453: 3448: 3443: 3438: 3433: 3428: 3423: 3413: 3412: 3411: 3402: 3397: 3387: 3386: 3385: 3380: 3375: 3365: 3364: 3363: 3358: 3353: 3348: 3343: 3334: 3329: 3324: 3310: 3308:Business cycle 3305: 3304: 3303: 3298: 3293: 3288: 3286:Overproduction 3283: 3278: 3273: 3258: 3255: 3254: 3241: 3239: 3238: 3231: 3224: 3216: 3210: 3209: 3201: 3200:External links 3198: 3197: 3196: 3161: 3129: 3124: 3111: 3106: 3090: 3047: 3042: 3027: 2999: 2974: 2958: 2953: 2941:Aliber, Robert 2933: 2926: 2911: 2906:978-1408868560 2905: 2885: 2859: 2858: 2848: 2808: 2781: 2764:(2): 277–283, 2753: 2748: 2723: 2722: 2712: 2698: 2693: 2680: 2675: 2657: 2652: 2637: 2620:(4): 1110–17, 2609: 2604: 2591: 2584: 2579: 2564: 2561: 2559: 2558: 2546: 2529: 2517: 2505: 2483: 2471: 2459: 2447: 2432: 2420: 2402: 2390: 2378: 2366: 2354: 2339: 2323: 2311: 2299: 2284: 2269: 2257: 2245: 2230: 2218: 2206: 2194: 2182: 2170: 2158: 2146: 2131: 2119: 2107: 2095: 2083: 2071: 2059: 2047: 2032: 2020: 2008: 1996: 1984: 1972: 1960: 1932: 1920: 1908: 1896: 1878: 1861: 1849: 1837: 1825: 1813: 1801: 1789: 1777: 1765: 1753: 1741: 1726: 1714: 1701: 1689: 1674: 1659: 1627: 1616: 1614:, pp. 3–4 1604: 1578: 1567: 1556: 1531: 1511: 1497:The Advertiser 1482: 1480: 1477: 1474: 1473: 1469:Uncle Pierpont 1454: 1452:, May 8, 1907. 1441: 1432: 1415: 1401: 1400: 1398: 1395: 1394: 1393: 1383: 1377: 1376: 1360: 1357: 1318: 1258:Pujo Committee 1256:Main article: 1253: 1252:Pujo Committee 1250: 1234:Charles Hamlin 1226:Woodrow Wilson 1135:Main article: 1132: 1129: 1113:crisis in 1896 1072: 1069: 961: 958: 951:New York Mayor 947:George Perkins 933:James Stillman 919: 918: 909: 908: 900: 899: 891: 890: 882: 881: 880: 879: 878: 868: 865: 820: 817: 809:Melville Stone 785:James Stillman 733: 730: 715:clearing house 666: 663: 659:stock exchange 625: 622: 538:national banks 522:Butte, Montana 497: 494: 491: 490: 483: 479: 478: 471: 467: 466: 463: 459: 458: 447: 443: 442: 439: 435: 434: 431:George Perkins 423: 419: 418: 415: 411: 410: 397: 393: 392: 386: 382: 381: 374: 370: 369: 355: 351: 350: 347: 343: 342: 327: 323: 322: 319: 315: 314: 307: 297: 294: 251:capitalization 222:interest rates 206:Andrew Jackson 190: 187: 161:(TC&I) as 143:banking system 128:regional banks 26: 24: 14: 13: 10: 9: 6: 4: 3: 2: 5701: 5690: 5687: 5685: 5682: 5680: 5677: 5675: 5672: 5670: 5667: 5665: 5662: 5660: 5657: 5656: 5654: 5638: 5634: 5631: 5627: 5624: 5620: 5617: 5613: 5612: 5609: 5602: 5598: 5595: 5591: 5588: 5584: 5580: 5576: 5573: 5569: 5566: 5562: 5558: 5554: 5549: 5545: 5542: 5538: 5535: 5531: 5530: 5528: 5524: 5520: 5516: 5512: 5508: 5504: 5500: 5496: 5492: 5489: 5485: 5481: 5477: 5473: 5469: 5466: 5462: 5459: 5455: 5452: 5448: 5445: 5441: 5437: 5433: 5430: 5426: 5422: 5418: 5415: 5411: 5408: 5404: 5401: 5397: 5394: 5390: 5386: 5382: 5378: 5374: 5371: 5367: 5364: 5360: 5357: 5353: 5352: 5350: 5346: 5342: 5333: 5329: 5326: 5322: 5319: 5315: 5312: 5308: 5305: 5301: 5298: 5294: 5291: 5287: 5284: 5280: 5277: 5273: 5270: 5266: 5263: 5259: 5256: 5252: 5249: 5245: 5242: 5238: 5235: 5234:December 2008 5231: 5228: 5227:November 2008 5224: 5221: 5217: 5214: 5210: 5209: 5207: 5203: 5202: 5200: 5196: 5192: 5184: 5180: 5177: 5173: 5170: 5166: 5162: 5158: 5155: 5151: 5148: 5144: 5141: 5137: 5134: 5130: 5127: 5123: 5119: 5115: 5111: 5107: 5103: 5099: 5096: 5092: 5089: 5085: 5082: 5078: 5075: 5071: 5068: 5064: 5060: 5056: 5053: 5049: 5046: 5042: 5038: 5034: 5031: 5027: 5023: 5019: 5016: 5012: 5009: 5005: 5002: 4998: 4995: 4991: 4987: 4983: 4979: 4975: 4972: 4968: 4965: 4961: 4957: 4953: 4949: 4945: 4942: 4938: 4935: 4931: 4928: 4924: 4920: 4916: 4912: 4908: 4907: 4905: 4901: 4896: 4892: 4884: 4880: 4877: 4873: 4870: 4866: 4862: 4858: 4854: 4850: 4847: 4843: 4840: 4836: 4833: 4829: 4825: 4821: 4820: 4818: 4814: 4810: 4803: 4799: 4796: 4792: 4791: 4789: 4785: 4781: 4774: 4773:Panic of 1930 4770: 4767: 4763: 4759: 4755: 4751: 4747: 4743: 4739: 4738: 4736: 4732: 4728: 4721: 4717: 4714: 4710: 4706: 4702: 4699: 4698:Panic of 1907 4695: 4692: 4691:Panic of 1901 4688: 4685: 4684:Panic of 1896 4681: 4677: 4673: 4670: 4666: 4663: 4662:Panic of 1893 4659: 4655: 4651: 4647: 4646:Baring crisis 4643: 4639: 4638:Arendal crash 4635: 4632: 4631:Panic of 1884 4628: 4625: 4621: 4618: 4617:Panic of 1873 4614: 4613: 4611: 4607: 4603: 4595: 4591: 4588: 4587:Panic of 1866 4584: 4581: 4580:Panic of 1857 4577: 4574: 4573:Panic of 1847 4570: 4565: 4561: 4558: 4554: 4553: 4550: 4546: 4545: 4543: 4539: 4532: 4531:Panic of 1837 4528: 4525: 4524:Panic of 1825 4521: 4518: 4517:Panic of 1819 4514: 4510: 4506: 4503: 4499: 4496: 4492: 4489: 4488:Panic of 1792 4485: 4482: 4478: 4474: 4470: 4467: 4463: 4459: 4455: 4452: 4448: 4447: 4445: 4441: 4437: 4429: 4425: 4421: 4417: 4413: 4409: 4405: 4404: 4399: 4395: 4391: 4387: 4383: 4379: 4375: 4374: 4372: 4368: 4364: 4356: 4352: 4351: 4349: 4347: 4342: 4335: 4331: 4328: 4327:Social crisis 4324: 4321: 4320:Minsky moment 4317: 4312: 4308: 4305: 4301: 4298: 4294: 4291: 4287: 4286: 4284: 4280: 4277: 4273: 4270: 4266: 4261: 4257: 4256: 4254: 4250: 4247: 4246:Energy crisis 4243: 4240: 4236: 4233: 4229: 4226: 4222: 4219: 4218:Credit crunch 4215: 4212: 4208: 4205: 4201: 4200: 4197: 4193: 4186: 4181: 4179: 4174: 4172: 4167: 4166: 4163: 4149: 4146: 4144: 4143:United States 4141: 4139: 4136: 4134: 4131: 4129: 4126: 4124: 4121: 4119: 4116: 4114: 4111: 4109: 4106: 4104: 4101: 4099: 4096: 4094: 4091: 4089: 4085: 4084: 4083: 4080: 4076: 4075:United States 4073: 4071: 4068: 4066: 4063: 4061: 4058: 4056: 4053: 4051: 4048: 4046: 4043: 4041: 4038: 4036: 4033: 4031: 4028: 4026: 4022: 4021: 4020: 4017: 4016: 4014: 4010: 4006: 3999: 3996: 3994: 3991: 3987: 3986:United States 3984: 3982: 3979: 3977: 3974: 3972: 3968: 3967: 3966: 3963: 3961: 3958: 3957: 3955: 3951: 3946: 3942: 3934: 3933:United States 3931: 3929: 3926: 3924: 3920: 3919: 3918: 3915: 3911: 3910:United States 3908: 3906: 3903: 3902: 3901: 3898: 3897: 3895: 3891: 3887: 3881: 3878: 3876: 3873: 3870: 3867: 3864: 3861: 3858: 3855: 3852: 3851: 3849: 3845: 3841: 3835: 3832: 3828: 3827:United States 3825: 3823: 3820: 3818: 3815: 3813: 3810: 3808: 3805: 3803: 3800: 3798: 3794: 3793: 3792: 3789: 3786: 3783: 3781: 3778: 3776: 3773: 3770: 3767: 3766: 3764: 3760: 3756: 3749: 3746: 3743: 3740: 3737: 3736:Panic of 1907 3734: 3731: 3730:Panic of 1901 3728: 3725: 3722: 3721:Panic of 1893 3719: 3716: 3715:Baring crisis 3713: 3710: 3708: 3705: 3701: 3700:United States 3698: 3696: 3692: 3691: 3690: 3687: 3686: 3684: 3680: 3675: 3671: 3664: 3661: 3658: 3657:Panic of 1866 3655: 3652: 3649: 3648:Panic of 1857 3646: 3643: 3640: 3639:Panic of 1847 3637: 3634: 3633: 3631: 3627: 3622: 3618: 3611: 3610:Panic of 1837 3608: 3605: 3602: 3599: 3598:Panic of 1825 3596: 3593: 3590: 3587: 3584: 3581: 3578: 3575: 3572: 3569: 3568:Panic of 1792 3565: 3562: 3559: 3555: 3552: 3550: 3547: 3545: 3541: 3540: 3539: 3536: 3535: 3533: 3529: 3525: 3519: 3516: 3514: 3513:Slump of 1706 3511: 3508: 3505: 3504: 3502: 3498: 3494: 3486: 3483: 3482: 3481: 3478: 3474: 3471: 3469: 3466: 3465: 3464: 3461: 3457: 3454: 3452: 3449: 3447: 3444: 3442: 3439: 3437: 3434: 3432: 3429: 3427: 3424: 3422: 3421:Balance sheet 3419: 3418: 3417: 3414: 3410: 3406: 3403: 3401: 3398: 3396: 3393: 3392: 3391: 3390:Interest rate 3388: 3384: 3381: 3379: 3376: 3374: 3371: 3370: 3369: 3366: 3362: 3359: 3357: 3354: 3352: 3349: 3347: 3344: 3342: 3338: 3335: 3333: 3330: 3328: 3325: 3323: 3320: 3319: 3318: 3314: 3311: 3309: 3306: 3302: 3299: 3297: 3294: 3292: 3289: 3287: 3284: 3282: 3279: 3277: 3274: 3272: 3269: 3268: 3267: 3263: 3260: 3259: 3256: 3252: 3248: 3244: 3237: 3232: 3230: 3225: 3223: 3218: 3217: 3214: 3207: 3204: 3203: 3199: 3182: 3178: 3174: 3167: 3162: 3159: 3155: 3151: 3147: 3143: 3139: 3135: 3130: 3127: 3121: 3117: 3112: 3109: 3103: 3099: 3095: 3091: 3088: 3084: 3080: 3076: 3072: 3068: 3064: 3060: 3053: 3048: 3045: 3039: 3035: 3034: 3028: 3025: 3021: 3017: 3013: 3010:(3): 611–30, 3009: 3005: 3000: 2996: 2992: 2991: 2983: 2979: 2975: 2972: 2968: 2964: 2959: 2956: 2950: 2946: 2942: 2938: 2934: 2929: 2927:9781598849462 2923: 2919: 2918: 2912: 2908: 2902: 2898: 2894: 2890: 2886: 2882: 2878: 2871: 2870: 2865: 2864:Johnson, Owen 2861: 2860: 2857: 2853: 2849: 2846: 2842: 2838: 2834: 2830: 2826: 2822: 2818: 2814: 2809: 2806: 2802: 2798: 2794: 2787: 2782: 2779: 2775: 2771: 2767: 2763: 2759: 2754: 2751: 2745: 2741: 2738:, Princeton: 2737: 2733: 2729: 2725: 2724: 2721: 2717: 2713: 2706: 2705: 2699: 2696: 2690: 2686: 2681: 2678: 2672: 2668: 2667: 2662: 2658: 2655: 2649: 2645: 2644: 2638: 2635: 2631: 2627: 2623: 2619: 2615: 2610: 2607: 2601: 2597: 2592: 2589: 2585: 2582: 2576: 2572: 2567: 2566: 2562: 2556:, p. 154 2555: 2550: 2547: 2543: 2538: 2536: 2534: 2530: 2527:, p. 148 2526: 2521: 2518: 2515:, p. 182 2514: 2509: 2506: 2502: 2501: 2496: 2492: 2487: 2484: 2481:, p. 148 2480: 2475: 2472: 2468: 2463: 2460: 2456: 2451: 2448: 2445:, p. 146 2444: 2439: 2437: 2433: 2430:, p. 143 2429: 2424: 2421: 2416: 2412: 2406: 2403: 2399: 2394: 2391: 2388:, p. 130 2387: 2382: 2379: 2375: 2370: 2367: 2363: 2358: 2355: 2352:, p. 114 2351: 2346: 2344: 2340: 2336: 2332: 2327: 2324: 2320: 2315: 2312: 2309:, p. 133 2308: 2303: 2300: 2296: 2291: 2289: 2285: 2282:, p. 132 2281: 2276: 2274: 2270: 2267:, p. 131 2266: 2261: 2258: 2254: 2249: 2246: 2243:, p. 127 2242: 2237: 2235: 2231: 2228:, p. 124 2227: 2222: 2219: 2216:, p. 122 2215: 2210: 2207: 2203: 2198: 2195: 2192:, p. 116 2191: 2186: 2183: 2179: 2174: 2171: 2168:, p. 111 2167: 2162: 2159: 2155: 2150: 2147: 2144:, p. 126 2143: 2138: 2136: 2132: 2129:, p. 108 2128: 2123: 2120: 2116: 2111: 2108: 2104: 2099: 2096: 2092: 2087: 2084: 2081:, p. 125 2080: 2075: 2072: 2068: 2063: 2060: 2056: 2051: 2048: 2044: 2039: 2037: 2033: 2029: 2024: 2021: 2017: 2012: 2009: 2006:, p. 123 2005: 2000: 1997: 1993: 1988: 1985: 1982:, p. 101 1981: 1976: 1973: 1969: 1964: 1961: 1948: 1947: 1946:Western Argus 1942: 1936: 1933: 1929: 1924: 1921: 1917: 1912: 1909: 1906:, p. 612 1905: 1900: 1897: 1894: 1890: 1887: 1882: 1879: 1875: 1870: 1868: 1866: 1862: 1858: 1853: 1850: 1846: 1841: 1838: 1834: 1829: 1826: 1822: 1817: 1814: 1810: 1805: 1802: 1798: 1793: 1790: 1786: 1781: 1778: 1775: 1769: 1766: 1762: 1757: 1754: 1750: 1745: 1742: 1739:, p. 102 1738: 1733: 1731: 1727: 1723: 1718: 1715: 1711: 1705: 1702: 1698: 1693: 1690: 1686: 1681: 1679: 1675: 1671: 1666: 1664: 1660: 1644: 1637: 1631: 1628: 1625: 1620: 1617: 1613: 1608: 1605: 1597:September 27, 1593: 1589: 1582: 1579: 1576: 1571: 1568: 1565: 1560: 1557: 1545: 1541: 1535: 1532: 1528: 1524: 1521: 1515: 1512: 1499: 1498: 1493: 1487: 1484: 1478: 1470: 1466: 1465: 1458: 1455: 1451: 1445: 1442: 1436: 1433: 1429: 1428:Panic of 1893 1425: 1424:U.S. Treasury 1419: 1416: 1412: 1406: 1403: 1396: 1391: 1387: 1384: 1382: 1379: 1378: 1374: 1363: 1358: 1356: 1354: 1347: 1344: 1337: 1330: 1323: 1317: 1315: 1310: 1308: 1304: 1300: 1296: 1293: 1289: 1285: 1281: 1276: 1273: 1264: 1259: 1251: 1249: 1247: 1243: 1239: 1235: 1231: 1227: 1223: 1217: 1215: 1211: 1207: 1203: 1199: 1195: 1191: 1187: 1182: 1180: 1176: 1172: 1168: 1164: 1159: 1156: 1152: 1148: 1144: 1138: 1130: 1128: 1126: 1122: 1116: 1114: 1110: 1106: 1102: 1098: 1094: 1090: 1085: 1082: 1078: 1070: 1068: 1066: 1065: 1059: 1056: 1052: 1048: 1044: 1040: 1035: 1033: 1029: 1025: 1021: 1013: 1008: 1004: 1000: 996: 994: 990: 986: 982: 977: 975: 971: 967: 959: 957: 955: 952: 948: 943: 934: 930: 926: 922: 913: 904: 895: 886: 877: 875: 866: 864: 862: 856: 849: 845: 842:Floor of the 840: 836: 834: 830: 829:Ransom Thomas 826: 818: 816: 814: 810: 806: 800: 798: 794: 790: 786: 782: 776: 774: 770: 766: 765:Panic of 1893 762: 761:U.S. Treasury 758: 754: 750: 742: 738: 731: 729: 725: 722: 721: 716: 712: 706: 704: 700: 696: 691: 684: 680: 676: 671: 664: 662: 660: 656: 651: 649: 644: 638: 636: 632: 623: 621: 619: 618: 613: 609: 605: 600: 598: 594: 589: 587: 586:short squeeze 583: 579: 575: 566: 562: 557: 553: 551: 547: 543: 539: 535: 531: 527: 523: 519: 515: 511: 507: 503: 495: 488: 484: 481: 480: 476: 472: 469: 468: 464: 461: 460: 456: 452: 448: 445: 444: 440: 437: 436: 432: 428: 424: 421: 420: 416: 413: 412: 408: 404: 401: 398: 395: 394: 390: 387: 384: 383: 379: 375: 372: 371: 367: 363: 359: 356: 353: 352: 348: 345: 344: 340: 336: 332: 328: 325: 324: 320: 317: 316: 312: 311:United Copper 308: 305: 304: 295: 293: 290: 285: 284: 278: 276: 272: 268: 264: 260: 256: 255:Union Pacific 252: 248: 244: 239: 236: 231: 227: 223: 219: 215: 211: 207: 199: 195: 188: 186: 184: 180: 176: 172: 171:trust-busting 168: 164: 160: 156: 152: 148: 144: 140: 135: 133: 129: 125: 121: 117: 113: 108: 106: 102: 98: 94: 90: 86: 82: 78: 74: 70: 66: 62: 58: 54: 53:Panic of 1907 46: 42: 38: 34: 30: 19: 5220:October 2008 5102:Samba effect 4958:(1987–2000s) 4853:Steel crisis 4697: 4676:Black Monday 4654:Encilhamento 4594:Black Friday 4401: 4357:(235–284 CE) 4225:Credit cycle 4060:South Africa 3817:South Africa 3735: 3663:Black Friday 3480:Unemployment 3337:Money supply 3332:Disinflation 3276:General glut 3188:, retrieved 3181:the original 3176: 3172: 3141: 3137: 3115: 3097: 3062: 3058: 3032: 3007: 3003: 2994: 2988: 2962: 2944: 2916: 2895:. New York: 2892: 2868: 2851: 2820: 2816: 2796: 2792: 2761: 2757: 2735: 2715: 2703: 2684: 2665: 2661:Chernow, Ron 2642: 2617: 2613: 2595: 2570: 2563:Bibliography 2554:Chernow 1990 2549: 2520: 2508: 2498: 2491:Jean Strouse 2486: 2479:Chernow 1990 2474: 2467:Chernow 1990 2462: 2455:McNelis 1969 2450: 2423: 2414: 2405: 2393: 2381: 2369: 2357: 2326: 2314: 2302: 2295:Chernow 1990 2260: 2248: 2241:Chernow 1990 2221: 2209: 2197: 2185: 2173: 2161: 2149: 2142:Chernow 1990 2122: 2110: 2098: 2086: 2079:Chernow 1990 2074: 2069:, p. 99 2062: 2055:Chernow 1998 2050: 2030:, p. 93 2023: 2011: 2004:Chernow 1990 1999: 1987: 1975: 1970:, p. 85 1963: 1953:November 22, 1951:. Retrieved 1944: 1935: 1930:, p. 79 1923: 1918:, p. 68 1911: 1899: 1881: 1852: 1840: 1835:, p. 49 1828: 1816: 1811:, p. 45 1804: 1792: 1780: 1768: 1763:, p. 31 1756: 1751:, p. 32 1744: 1724:, p. 20 1717: 1712:, p. 19 1704: 1699:, p. 66 1697:Edwards 1907 1692: 1650:. Retrieved 1643:the original 1630: 1619: 1607: 1595:. Retrieved 1591: 1581: 1570: 1559: 1547:. Retrieved 1543: 1534: 1514: 1504:November 22, 1502:. Retrieved 1495: 1486: 1462: 1457: 1449: 1444: 1435: 1418: 1405: 1373:Banks portal 1349: 1342: 1335: 1328: 1321: 1319: 1311: 1298: 1277: 1269: 1224:. President 1218: 1198:Paul Warburg 1194:A. P. Andrew 1183: 1160: 1151:Jacob Schiff 1143:central bank 1140: 1131:Central bank 1117: 1086: 1074: 1062: 1036: 1017: 1001: 997: 978: 973: 963: 944: 940: 870: 861:margin sales 857: 853: 847: 822: 801: 777: 771:of Morgan's 749:J. P. Morgan 746: 732:J. P. Morgan 726: 718: 707: 687: 679:Fifth Avenue 652: 642: 639: 627: 615: 601: 590: 570: 499: 487:Election Day 281: 280:On July 27, 279: 240: 218:money supply 214:central bank 203: 151:money supply 139:J. P. Morgan 136: 109: 105:bucket shops 60: 56: 52: 50: 29: 5497:(2017–2018) 5482:(2016–2022) 5438:(2014–2022) 5198:(2007–2009) 5163:(2003–2008) 5112:(2000–2004) 5061:(1994–1996) 5039:(1992–1994) 5024:(1991–2000) 4988:(1990–1992) 4980:(1990–1992) 4950:(1986–1995) 4913:(1982–1994) 4903:(1982–2007) 4885:(1980–1982) 4863:(1975–1982) 4855:(1973–1982) 4826:(1973–1980) 4816:(1973–1982) 4787:(1945–1973) 4752:(1921–1923) 4744:(1917–1924) 4734:(1918–1939) 4656:(1890–1893) 4609:(1870–1914) 4551:(1845–1856) 4511:(1815–1816) 4460:(1769–1784) 4443:(1760–1840) 4406:(1621–1623) 4388:(1544–1551) 4370:(1000–1760) 4269:Flash crash 4239:Debt crisis 4128:New Zealand 4086:2020–2022; 4050:New Zealand 4023:2007–2009; 3969:1990–1991; 3953:(1982–2007) 3921:1980–1982; 3893:(1973–1982) 3871:(1957–1958) 3865:(1953–1954) 3859:(1948–1949) 3847:(1945–1973) 3812:New Zealand 3795:1929–1939; 3771:(1918–1919) 3762:(1918–1939) 3744:(1910–1912) 3738:(1907–1908) 3732:(1902–1904) 3723:(1893–1897) 3717:(1890–1891) 3693:1873–1879; 3682:(1870–1914) 3665:(1869–1870) 3659:(1865–1867) 3650:(1857–1858) 3641:(1847–1848) 3629:(1840–1870) 3600:(1825–1826) 3591:(1815–1821) 3576:(1796–1799) 3570:(1789–1793) 3542:1772–1774; 3531:(1760–1840) 3509:(1430–1490) 3507:Great Slump 3500:(1000–1760) 3446:Stagflation 3405:Yield curve 3351:Price level 3094:Prins, Nomi 3079:10419/94590 2997:(1): 125–40 2823:(2): 8–25, 2156:, p. 9 2045:, p. 8 1876:, p. 7 1672:, p. 4 1426:during the 1284:Arsène Pujo 1039:White House 1010:Cartoon of 993:Elbert Gary 791:), and the 763:during the 741:J.P. Morgan 683:34th Street 542:state banks 526:Wall Street 520:magnate in 389:J.P. Morgan 243:Hepburn Act 37:Wall Street 5653:Categories 4290:Accounting 4093:Bangladesh 4030:Bangladesh 3674:Gilded Age 3426:Depression 3378:Stagnation 2897:Bloomsbury 2398:Prins 2014 2386:Miron 1986 2374:Smith 2004 1685:Noyes 1909 1652:August 30, 1479:References 1336:Untermyer: 1322:Untermyer: 1272:plutocracy 1175:Takuma Dan 1058:Elihu Root 1032:monopolies 1024:anti-trust 773:brownstone 655:Pittsburgh 631:collateral 582:sold short 534:ice market 504:scheme to 473:President 455:U.S. Steel 259:collateral 216:, and the 173:President 163:collateral 97:depositors 89:bankruptcy 79:affecting 5548:Recession 4541:1840–1870 4133:Singapore 4088:Australia 4065:Sri Lanka 4025:Australia 3971:Australia 3797:Australia 3787:1926–1927 3784:1923–1924 3750:(1913–14) 3726:1899–1900 3582:1807–1810 3579:1802–1804 3560:1785–1788 3485:Sahm rule 3416:Recession 3317:Inflation 3313:Deflation 3087:155027411 3024:154316738 2932:pp 329–78 2845:144195201 2778:154291456 2634:154320520 1161:In 1908: 1089:Civil War 1071:Aftermath 624:Contagion 576:had been 550:insurance 548:and four 341:'s banks. 296:The panic 289:bank runs 275:antitrust 130:withdrew 101:side bets 73:recession 4204:Bank run 4118:Malaysia 4103:Botswana 4055:Pakistan 4045:Malaysia 3549:Scotland 3409:Inverted 3373:Recovery 3190:April 3, 3096:(2014), 2980:(1986), 2943:(2005), 2891:(2017). 2866:(1913), 2854:(2022). 2734:(1963), 2663:(1990), 1889:Archived 1549:June 25, 1523:Archived 1359:See also 1299:de facto 974:en masse 789:Citibank 643:en masse 604:the hall 578:borrowed 565:building 378:bank run 132:reserves 63:, was a 4304:Funding 4297:Capital 4123:Namibia 3711:1887–88 3653:1860–61 3644:1853–54 3635:1845–46 3606:1833–34 3603:1828–29 3594:1822–23 3544:England 3436:Rolling 3322:Chronic 3158:2221551 2971:7369533 2881:3101622 2837:1010701 2417:. 2020. 1343:Morgan: 1329:Morgan: 1190:Georgia 981:library 769:library 657:city's 606:of the 552:firms. 544:, five 528:banker 118:of the 5474:(2016) 5120:(2001) 5104:(1999) 4921:(1982) 4760:(1927) 4707:(1910) 4678:(1894) 4648:(1890) 4640:(1886) 4596:(1869) 4430:(1720) 4422:(1720) 4414:(1637) 4311:Market 4148:Zambia 4108:Canada 4098:Belize 4035:Canada 4000:(2001) 3976:Canada 3923:Canada 3802:Canada 3473:Supply 3468:Demand 3441:Shapes 3431:Global 3341:demand 3266:Supply 3156: 3122: 3104: 3085: 3040: 3022: 2969: 2951: 2924: 2903: 2879: 2856:online 2843: 2835: 2776: 2746: 2720:online 2691: 2673: 2650: 2632: 2602: 2577: 1177:& 1049:, the 580:, and 574:shares 540:, ten 518:copper 267:copper 4113:India 4040:India 3807:India 3463:Shock 3281:Model 3184:(PDF) 3169:(PDF) 3154:JSTOR 3083:S2CID 3055:(PDF) 3020:S2CID 2985:(PDF) 2873:(PDF) 2841:S2CID 2833:JSTOR 2789:(PDF) 2774:S2CID 2708:(PDF) 2630:S2CID 1646:(PDF) 1639:(PDF) 1397:Notes 1388:, by 825:crash 263:bonds 116:stock 81:banks 5241:2009 4346:1000 4344:Pre- 3853:1945 3585:1812 3249:and 3245:and 3192:2008 3120:ISBN 3102:ISBN 3038:ISBN 2967:OCLC 2949:ISBN 2922:ISBN 2901:ISBN 2877:OCLC 2744:ISBN 2689:ISBN 2671:ISBN 2648:ISBN 2600:ISBN 2575:ISBN 1955:2012 1654:2015 1599:2017 1551:2020 1506:2012 1464:Puck 1450:Puck 1109:1890 1107:and 1105:1884 1101:1893 1097:1873 991:and 931:and 681:and 425:The 241:The 83:and 77:runs 51:The 3146:doi 3075:hdl 3067:doi 3012:doi 2825:doi 2801:doi 2766:doi 2622:doi 2497:". 2493:. 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Index