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    Panic of 1907

    Three-week financial crisis in the United States

    The Panic of 1907, also known as the 1907 Bankers' Panic or Knickerbocker Crisis, was a financial crisis that took place in the United States over a three-week period starting in mid-October, when the New York Stock Exchange suddenly fell almost 50% from its peak the previous year. The panic occurred during a time of economic recession, and there were numerous runs affecting banks and trust companies. The 1907 panic eventually spread throughout the nation when many state and local banks and businesses entered bankruptcy. The primary causes of the run included a retraction of market liquidity by a number of New York City banks and a loss of confidence among depositors, exacerbated by unregulated side bets at bucket shops. The panic was triggered by the failed attempt in October 1907 to corner the market on stock of the United Copper Company. Wikipedia

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  2. en.wikipedia.org

    Wall Street during the bank panic in October 1907. Federal Hall National Memorial, with its statue of George Washington, is seen on the right.. The Panic of 1907, also known as the 1907 Bankers' Panic or Knickerbocker Crisis, [1] was a financial crisis that took place in the United States over a three-week period starting in mid-October, when the New York Stock Exchange suddenly fell almost 50 ...
  3. federalreservehistory.org

    The Panic of 1907 was the first worldwide financial crisis of the twentieth century. It transformed a recession into a contraction surpassed in severity only by the Great Depression. 1 The panic's impact is still felt today because it spurred the monetary reform movement that led to the establishment of the Federal Reserve System. Moen and Tallman (1999) argued that the experience of the ...
  4. gothamcenter.org

    The economic, social, demographic, and political impact the banking industry has had on New York City is undeniable in its scope and power. The Panic of 1907: How J.P. Morgan Took Over Wall StreetBy Richard A. NaclerioOne of the most influential shapers of New York City's history is Wall Street. The economic, social, demographic, and ...
  5. clevelandfed.org

    The Banking Panic of 1907 was the final banking panic that took place during the National Banking Era (1863-1913); the most severe of these panics occurred in 1873, 1893 and 1907, whereas the episodes of financial distress in 1884 and 1890 were considered minor in comparison. A central difference between the Panic of 1907 and all the earlier ...
  6. supermoney.com

    May 1, 2024The Panic of 1907 exposed flaws in the National Banking Act of 1864. Major financiers' personal interventions prompted the Federal Reserve's creation. The Federal Reserve serves as a lender of last resort, fiscal agent, and clearinghouse. Parallels with the 2008 recession highlight recurring issues in U.S. financial history.
  7. federalreservehistory.org

    A companion essay discusses the Panic of 1907, the shock that finally spurred financial and political leaders to consider reforming the monetary system and eventually establish the Federal Reserve. A cartoon of a giant figure named 'Panic' clearing garbage on Wall Street, 1873 (Library of Congress Prints and Photographs Division, LC-DIG-ds-04513)
  8. histecon.fas.harvard.edu

    I n October 1907, the failed attempt to corner the market on the United Copper Company's stock led to a string of bank runs and a national panic. The failure of numerous banks and trusts, particularly the Knickerbocker Trust Company in New York, led to a crisis of faith in the banking system throughout the United States.
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