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Panic of 1907 (1907 - 1908) United States


Panic of 1907
Also known as: 1907 Banker's panic
Date event started: 0000-00-00
Date event ended: 0000-00-00
Short summary The Panic of 1907, also known as the 1907 Bankers' Panic, was a financial crisis that occurred in the United States when the New York Stock Exchange fell almost 50% from its peak the previous year. Panic occurred, as this was during a time of economic recession, and there were numerous runs on banks and trust companies. The 1907 panic eventually spread throughout the nation when many state and local banks and businesses entered bankruptcy. Primary causes of the run include 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. The panic might have deepened if not for the intervention of financier J. P. Morgan[2], who pledged large sums of his own money, and convinced other New York bankers to do the same, to shore up the banking system. At the time, the United States did not have a central bank to inject liquidity back into the market.
Country then: United State
Country Now: United States
Weblink http://en.wikipedia.org/wiki/Panic_of_1907
1836 | Charter for Second Bank of the United States expir | |
| Rockefeller deposited 10 million dollars into NCB | |

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