Event

Panic of 1907

Run on New York trust companies in October 1907 that ended with J. P. Morgan's money pool and U.S. Treasury deposits.

8 links, 0 backed by primary records. 1 more in open data

Connections 8

Benjamin Strong Jr. 21 Oct 1907 examined Knickerbocker Trust's books for J. P. Morgan Scholarship & press 1
J. P. Morgan organized a pool of bank money Scholarship & press 2
John D. Rockefeller deposited money Scholarship & press 2

Meeting at Jekyll Island According to Federal Reserve Scholarship & press 1
The Fed's account: the panic led Congress to create the Commission, whose study the meeting served.

Timeline 2 dates

Proof 2 sources

Panic of 1907, Federal Reserve History, Federal Reserve Bank of Atlanta and Board of Governors. Scholarship & press
He asked Benjamin Strong, then a vice president at Banker's Trust and later the first head of the Federal Reserve Bank of New York, to examine Knickerbocker's books and determine its financial condition.
The New York Stock Exchange remained open largely because of the legendary actions of Morgan, who solicited cash from large financial and industrial institutions and then had it delivered directly to the loan post at the exchange to support brokers who were willing to extend credit.
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.
Excerpt: The Panic of 1907 (Robert F. Bruner and Sean D. Carr), NPR, from The Panic of 1907, John Wiley & Sons, 28 Aug 2007. Scholarship & press
By 2:16 p.m., Morgan had secured $23.6 million from 14 banks.
John D. Rockefeller Sr. also called on Morgan to assure him of his willingness to help. Rockefeller deposited $10 million with the Union Trust Company, and promised additional deposits of $40 million, if needed.
Treasury Secretary George B. Cortelyou announced his formal support for Morgan, offering to provide $25 million dollars in additional liquidity during the crisis.

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