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P. Morgan</span> </div> </a> <ul id="toc-J._P._Morgan-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Stock_exchange_nears_collapse" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Stock_exchange_nears_collapse"> <div class="vector-toc-text"> <span class="vector-toc-numb">2.5</span> <span>Stock exchange nears collapse</span> </div> </a> <ul id="toc-Stock_exchange_nears_collapse-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Crisis_of_confidence" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Crisis_of_confidence"> <div class="vector-toc-text"> <span class="vector-toc-numb">2.6</span> <span>Crisis of confidence</span> </div> </a> <ul id="toc-Crisis_of_confidence-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Drama_at_the_library" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Drama_at_the_library"> <div class="vector-toc-text"> <span class="vector-toc-numb">2.7</span> <span>Drama at the library</span> </div> </a> <ul id="toc-Drama_at_the_library-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-Aftermath" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Aftermath"> <div class="vector-toc-text"> <span class="vector-toc-numb">3</span> <span>Aftermath</span> </div> </a> <button aria-controls="toc-Aftermath-sublist" class="cdx-button cdx-button--weight-quiet cdx-button--icon-only vector-toc-toggle"> <span class="vector-icon mw-ui-icon-wikimedia-expand"></span> <span>Toggle Aftermath subsection</span> </button> <ul id="toc-Aftermath-sublist" class="vector-toc-list"> <li id="toc-Central_bank" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Central_bank"> <div class="vector-toc-text"> <span class="vector-toc-numb">3.1</span> <span>Central bank</span> </div> </a> <ul id="toc-Central_bank-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Pujo_Committee" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Pujo_Committee"> <div class="vector-toc-text"> <span class="vector-toc-numb">3.2</span> <span>Pujo Committee</span> </div> </a> <ul id="toc-Pujo_Committee-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-See_also" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#See_also"> <div class="vector-toc-text"> <span class="vector-toc-numb">4</span> <span>See also</span> </div> </a> <ul id="toc-See_also-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Notes" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Notes"> <div class="vector-toc-text"> <span class="vector-toc-numb">5</span> <span>Notes</span> </div> </a> <ul id="toc-Notes-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-References" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#References"> <div class="vector-toc-text"> <span class="vector-toc-numb">6</span> <span>References</span> </div> </a> <ul id="toc-References-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Bibliography" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Bibliography"> <div class="vector-toc-text"> <span class="vector-toc-numb">7</span> <span>Bibliography</span> </div> </a> <ul id="toc-Bibliography-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-External_links" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#External_links"> <div class="vector-toc-text"> <span class="vector-toc-numb">8</span> <span>External links</span> </div> </a> <ul id="toc-External_links-sublist" class="vector-toc-list"> </ul> </li> </ul> 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Available in 25 languages" > <label id="p-lang-btn-label" for="p-lang-btn-checkbox" class="vector-dropdown-label cdx-button cdx-button--fake-button cdx-button--fake-button--enabled cdx-button--weight-quiet cdx-button--action-progressive mw-portlet-lang-heading-25" aria-hidden="true" ><span class="vector-icon mw-ui-icon-language-progressive mw-ui-icon-wikimedia-language-progressive"></span> <span class="vector-dropdown-label-text">25 languages</span> </label> <div class="vector-dropdown-content"> <div class="vector-menu-content"> <ul class="vector-menu-content-list"> <li class="interlanguage-link interwiki-ar mw-list-item"><a href="https://ar.wikipedia.org/wiki/%D8%A7%D9%84%D8%B0%D8%B9%D8%B1_%D8%A7%D9%84%D9%85%D8%B5%D8%B1%D9%81%D9%8A_%D8%A7%D9%84%D8%A3%D9%85%D8%B1%D9%8A%D9%83%D9%8A_1907" title="الذعر المصرفي الأمريكي 1907 – Arabic" lang="ar" hreflang="ar" data-title="الذعر المصرفي الأمريكي 1907" data-language-autonym="العربية" data-language-local-name="Arabic" class="interlanguage-link-target"><span>العربية</span></a></li><li class="interlanguage-link interwiki-az mw-list-item"><a href="https://az.wikipedia.org/wiki/1907-ci_il_panikas%C4%B1" title="1907-ci il panikası – Azerbaijani" lang="az" hreflang="az" data-title="1907-ci il panikası" data-language-autonym="Azərbaycanca" data-language-local-name="Azerbaijani" class="interlanguage-link-target"><span>Azərbaycanca</span></a></li><li class="interlanguage-link interwiki-de mw-list-item"><a href="https://de.wikipedia.org/wiki/Panik_von_1907" title="Panik von 1907 – German" lang="de" hreflang="de" data-title="Panik von 1907" data-language-autonym="Deutsch" data-language-local-name="German" class="interlanguage-link-target"><span>Deutsch</span></a></li><li class="interlanguage-link interwiki-es mw-list-item"><a href="https://es.wikipedia.org/wiki/P%C3%A1nico_financiero_de_1907" title="Pánico financiero de 1907 – Spanish" lang="es" hreflang="es" data-title="Pánico financiero de 1907" data-language-autonym="Español" data-language-local-name="Spanish" class="interlanguage-link-target"><span>Español</span></a></li><li class="interlanguage-link interwiki-fa mw-list-item"><a href="https://fa.wikipedia.org/wiki/%D9%88%D8%AD%D8%B4%D8%AA_%DB%B1%DB%B9%DB%B0%DB%B7" title="وحشت ۱۹۰۷ – Persian" lang="fa" hreflang="fa" data-title="وحشت ۱۹۰۷" data-language-autonym="فارسی" data-language-local-name="Persian" class="interlanguage-link-target"><span>فارسی</span></a></li><li class="interlanguage-link interwiki-fr badge-Q17437796 badge-featuredarticle mw-list-item" title="featured article badge"><a href="https://fr.wikipedia.org/wiki/Panique_bancaire_am%C3%A9ricaine_de_1907" title="Panique bancaire américaine de 1907 – French" lang="fr" hreflang="fr" data-title="Panique bancaire américaine de 1907" data-language-autonym="Français" data-language-local-name="French" class="interlanguage-link-target"><span>Français</span></a></li><li class="interlanguage-link interwiki-fur mw-list-item"><a href="https://fur.wikipedia.org/wiki/Panic_finanziari_merecan_dal_1907" title="Panic finanziari merecan dal 1907 – Friulian" lang="fur" hreflang="fur" data-title="Panic finanziari merecan dal 1907" data-language-autonym="Furlan" data-language-local-name="Friulian" class="interlanguage-link-target"><span>Furlan</span></a></li><li class="interlanguage-link interwiki-ko mw-list-item"><a href="https://ko.wikipedia.org/wiki/1907%EB%85%84_%EA%B3%B5%ED%99%A9" title="1907년 공황 – Korean" lang="ko" hreflang="ko" data-title="1907년 공황" data-language-autonym="한국어" data-language-local-name="Korean" class="interlanguage-link-target"><span>한국어</span></a></li><li class="interlanguage-link interwiki-id mw-list-item"><a href="https://id.wikipedia.org/wiki/Kepanikan_tahun_1907" title="Kepanikan tahun 1907 – Indonesian" lang="id" hreflang="id" data-title="Kepanikan tahun 1907" data-language-autonym="Bahasa Indonesia" data-language-local-name="Indonesian" class="interlanguage-link-target"><span>Bahasa Indonesia</span></a></li><li class="interlanguage-link interwiki-it mw-list-item"><a href="https://it.wikipedia.org/wiki/Panico_del_1907" title="Panico del 1907 – Italian" lang="it" hreflang="it" data-title="Panico del 1907" data-language-autonym="Italiano" data-language-local-name="Italian" class="interlanguage-link-target"><span>Italiano</span></a></li><li class="interlanguage-link interwiki-hu badge-Q17437796 badge-featuredarticle mw-list-item" title="featured article badge"><a href="https://hu.wikipedia.org/wiki/1907-es_amerikai_bankp%C3%A1nik" title="1907-es amerikai bankpánik – Hungarian" lang="hu" hreflang="hu" data-title="1907-es amerikai bankpánik" data-language-autonym="Magyar" data-language-local-name="Hungarian" class="interlanguage-link-target"><span>Magyar</span></a></li><li class="interlanguage-link interwiki-ms mw-list-item"><a href="https://ms.wikipedia.org/wiki/Panik_1907" title="Panik 1907 – Malay" lang="ms" hreflang="ms" data-title="Panik 1907" data-language-autonym="Bahasa Melayu" data-language-local-name="Malay" class="interlanguage-link-target"><span>Bahasa Melayu</span></a></li><li class="interlanguage-link interwiki-nl mw-list-item"><a href="https://nl.wikipedia.org/wiki/Paniek_van_1907" title="Paniek van 1907 – Dutch" lang="nl" hreflang="nl" data-title="Paniek van 1907" data-language-autonym="Nederlands" data-language-local-name="Dutch" class="interlanguage-link-target"><span>Nederlands</span></a></li><li class="interlanguage-link interwiki-ja mw-list-item"><a href="https://ja.wikipedia.org/wiki/1907%E5%B9%B4%E6%81%90%E6%85%8C" title="1907年恐慌 – Japanese" lang="ja" hreflang="ja" data-title="1907年恐慌" data-language-autonym="日本語" data-language-local-name="Japanese" class="interlanguage-link-target"><span>日本語</span></a></li><li class="interlanguage-link interwiki-no mw-list-item"><a href="https://no.wikipedia.org/wiki/Panikken_i_1907" title="Panikken i 1907 – Norwegian Bokmål" lang="nb" hreflang="nb" data-title="Panikken i 1907" data-language-autonym="Norsk bokmål" data-language-local-name="Norwegian Bokmål" class="interlanguage-link-target"><span>Norsk bokmål</span></a></li><li class="interlanguage-link interwiki-oc mw-list-item"><a href="https://oc.wikipedia.org/wiki/Panica_banc%C3%A0ria_estatsunidenca_de_1907" title="Panica bancària estatsunidenca de 1907 – Occitan" lang="oc" hreflang="oc" data-title="Panica bancària estatsunidenca de 1907" data-language-autonym="Occitan" data-language-local-name="Occitan" class="interlanguage-link-target"><span>Occitan</span></a></li><li class="interlanguage-link interwiki-pl badge-Q17437798 badge-goodarticle mw-list-item" title="good article badge"><a href="https://pl.wikipedia.org/wiki/Panika_roku_1907" title="Panika roku 1907 – Polish" lang="pl" hreflang="pl" data-title="Panika roku 1907" data-language-autonym="Polski" data-language-local-name="Polish" class="interlanguage-link-target"><span>Polski</span></a></li><li class="interlanguage-link interwiki-pt badge-Q17437796 badge-featuredarticle mw-list-item" title="featured article badge"><a href="https://pt.wikipedia.org/wiki/P%C3%A2nico_financeiro_de_1907" title="Pânico financeiro de 1907 – Portuguese" lang="pt" hreflang="pt" data-title="Pânico financeiro de 1907" data-language-autonym="Português" data-language-local-name="Portuguese" class="interlanguage-link-target"><span>Português</span></a></li><li class="interlanguage-link interwiki-ru mw-list-item"><a href="https://ru.wikipedia.org/wiki/%D0%91%D0%B0%D0%BD%D0%BA%D0%BE%D0%B2%D1%81%D0%BA%D0%B0%D1%8F_%D0%BF%D0%B0%D0%BD%D0%B8%D0%BA%D0%B0_1907_%D0%B3%D0%BE%D0%B4%D0%B0" title="Банковская паника 1907 года – Russian" lang="ru" hreflang="ru" data-title="Банковская паника 1907 года" data-language-autonym="Русский" data-language-local-name="Russian" class="interlanguage-link-target"><span>Русский</span></a></li><li class="interlanguage-link interwiki-fi mw-list-item"><a href="https://fi.wikipedia.org/wiki/Vuoden_1907_paniikki" title="Vuoden 1907 paniikki – Finnish" lang="fi" hreflang="fi" data-title="Vuoden 1907 paniikki" data-language-autonym="Suomi" data-language-local-name="Finnish" class="interlanguage-link-target"><span>Suomi</span></a></li><li class="interlanguage-link interwiki-sv mw-list-item"><a href="https://sv.wikipedia.org/wiki/Paniken_1907" title="Paniken 1907 – Swedish" lang="sv" hreflang="sv" data-title="Paniken 1907" data-language-autonym="Svenska" data-language-local-name="Swedish" class="interlanguage-link-target"><span>Svenska</span></a></li><li class="interlanguage-link interwiki-th badge-Q17437796 badge-featuredarticle mw-list-item" title="featured article badge"><a href="https://th.wikipedia.org/wiki/%E0%B8%A7%E0%B8%B4%E0%B8%81%E0%B8%A4%E0%B8%95%E0%B8%81%E0%B8%B2%E0%B8%A3%E0%B9%80%E0%B8%87%E0%B8%B4%E0%B8%99_%E0%B8%84.%E0%B8%A8._1907" title="วิกฤตการเงิน ค.ศ. 1907 – Thai" lang="th" hreflang="th" data-title="วิกฤตการเงิน ค.ศ. 1907" data-language-autonym="ไทย" data-language-local-name="Thai" class="interlanguage-link-target"><span>ไทย</span></a></li><li class="interlanguage-link interwiki-vi mw-list-item"><a href="https://vi.wikipedia.org/wiki/Ho%E1%BA%A3ng_lo%E1%BA%A1n_1907" title="Hoảng loạn 1907 – Vietnamese" lang="vi" hreflang="vi" data-title="Hoảng loạn 1907" data-language-autonym="Tiếng Việt" data-language-local-name="Vietnamese" class="interlanguage-link-target"><span>Tiếng Việt</span></a></li><li class="interlanguage-link interwiki-wuu mw-list-item"><a href="https://wuu.wikipedia.org/wiki/1907%E5%B9%B4%E6%81%90%E6%85%8C" title="1907年恐慌 – Wu" lang="wuu" hreflang="wuu" data-title="1907年恐慌" data-language-autonym="吴语" data-language-local-name="Wu" class="interlanguage-link-target"><span>吴语</span></a></li><li class="interlanguage-link interwiki-zh mw-list-item"><a href="https://zh.wikipedia.org/wiki/1907%E5%B9%B4%E6%81%90%E6%85%8C" title="1907年恐慌 – Chinese" lang="zh" hreflang="zh" data-title="1907年恐慌" 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id="siteSub" class="noprint">From Wikipedia, the free encyclopedia</div> </div> <div id="contentSub"><div id="mw-content-subtitle"></div></div> <div id="mw-content-text" class="mw-body-content"><div class="mw-content-ltr mw-parser-output" lang="en" dir="ltr"><div class="shortdescription nomobile noexcerpt noprint searchaux" style="display:none">Three-week financial crisis in the United States</div> <p class="mw-empty-elt"> </p> <figure class="mw-default-size" typeof="mw:File/Thumb"><a href="/wiki/File:1907_Panic_crop.png" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/7/72/1907_Panic_crop.png/290px-1907_Panic_crop.png" decoding="async" width="290" height="244" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/7/72/1907_Panic_crop.png/435px-1907_Panic_crop.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/7/72/1907_Panic_crop.png/580px-1907_Panic_crop.png 2x" data-file-width="1245" data-file-height="1048" /></a><figcaption><a href="/wiki/Wall_Street" title="Wall Street">Wall Street</a> during the bank panic in October 1907. <a href="/wiki/Federal_Hall_National_Memorial" class="mw-redirect" title="Federal Hall National Memorial">Federal Hall National Memorial</a>, with its statue of <a href="/wiki/George_Washington" title="George Washington">George Washington</a>, is seen on the right.</figcaption></figure> <p>The <b>Panic of 1907</b>, also known as the <b>1907 Bankers' Panic</b> or <b>Knickerbocker Crisis</b>,<sup id="cite_ref-1" class="reference"><a href="#cite_note-1"><span class="cite-bracket">[</span>1<span class="cite-bracket">]</span></a></sup> was a <a href="/wiki/Financial_crisis" title="Financial crisis">financial crisis</a> that took place in the United States over a three-week period starting in mid-October, when the <a href="/wiki/New_York_Stock_Exchange" title="New York Stock Exchange">New York Stock Exchange</a> suddenly fell almost 50% from its peak the previous year. The panic occurred during a time of economic <a href="/wiki/Recession" title="Recession">recession</a>, and there were numerous <a href="/wiki/Bank_run" title="Bank run">runs</a> affecting <a href="/wiki/Bank" title="Bank">banks</a> and <a href="/wiki/Trust_company" title="Trust company">trust companies</a>. The 1907 panic eventually spread throughout the nation when many state and local banks and businesses entered <a href="/wiki/Bankruptcy" title="Bankruptcy">bankruptcy</a>. The primary causes of the run included a retraction of <a href="/wiki/Market_liquidity" title="Market liquidity">market liquidity</a> by a number of New York City banks and a loss of confidence among <a href="/wiki/Depositor" class="mw-redirect" title="Depositor">depositors</a>, exacerbated by unregulated <a href="/wiki/Side_bet" class="mw-redirect" title="Side bet">side bets</a> at <a href="/wiki/Bucket_shop_(stock_market)" title="Bucket shop (stock market)">bucket shops</a>.<sup id="cite_ref-2" class="reference"><a href="#cite_note-2"><span class="cite-bracket">[</span>2<span class="cite-bracket">]</span></a></sup> </p><p>The panic was triggered by the failed attempt in October 1907 to <a href="/wiki/Cornering_the_market" title="Cornering the market">corner the market</a> on <a href="/wiki/Stock" title="Stock">stock</a> of the <a href="/wiki/United_Copper" title="United Copper">United Copper Company</a>. When the bid failed, banks that had lent money to the cornering scheme suffered runs that later spread to affiliated banks and trusts, leading a week later to the downfall of the <a href="/wiki/Knickerbocker_Trust_Company" title="Knickerbocker Trust Company">Knickerbocker Trust Company</a>, New York City's third-largest trust. The collapse of the Knickerbocker spread fear throughout the city's trusts as <a href="/wiki/Regional_bank" title="Regional bank">regional banks</a> withdrew <a href="/wiki/Bank_reserves" title="Bank reserves">reserves</a> 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.<sup id="cite_ref-3" class="reference"><a href="#cite_note-3"><span class="cite-bracket">[</span>3<span class="cite-bracket">]</span></a></sup> </p><p>The panic might have deepened if not for the intervention of financier <a href="/wiki/J._P._Morgan" title="J. P. Morgan">J. P. Morgan</a>,<sup id="cite_ref-FDS-H-04_4-0" class="reference"><a href="#cite_note-FDS-H-04-4"><span class="cite-bracket">[</span>4<span class="cite-bracket">]</span></a></sup> who pledged large sums of his own money and convinced other New York bankers to do the same to shore up the <a href="/wiki/Banking_in_the_United_States" title="Banking in the United States">banking system</a>. That highlighted the limitations of the US <a href="/wiki/Independent_Treasury" title="Independent Treasury">Independent Treasury</a> system, which managed the nation's <a href="/wiki/Money_supply" title="Money supply">money supply</a> but was unable to inject sufficient liquidity back into the market. By November, the <a href="/wiki/Financial_contagion" title="Financial contagion">financial contagion</a> 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 <a href="/wiki/Tennessee_Coal,_Iron_and_Railroad_Company" title="Tennessee Coal, Iron and Railroad Company">Tennessee Coal, Iron and Railroad Company</a> (TC&I) as <a href="/wiki/Collateral_(finance)" title="Collateral (finance)">collateral</a>. Collapse of TC&I's stock price was averted by an emergency takeover by Morgan's <a href="/wiki/U.S._Steel_Corporation" class="mw-redirect" title="U.S. Steel Corporation">U.S. Steel Corporation</a>, a move approved by the <a href="/wiki/Trust-busting" class="mw-redirect" title="Trust-busting">trust-busting</a> President <a href="/wiki/Theodore_Roosevelt" title="Theodore Roosevelt">Theodore Roosevelt</a>. The following year, Senator <a href="/wiki/Nelson_W._Aldrich" title="Nelson W. Aldrich">Nelson W. Aldrich</a>, a leading Republican, established and chaired a commission to investigate the crisis and propose future solutions, which led to the creation of the <a href="/wiki/Federal_Reserve_System" class="mw-redirect" title="Federal Reserve System">Federal Reserve System</a>.<sup id="cite_ref-FDS-H-05_5-0" class="reference"><a href="#cite_note-FDS-H-05-5"><span class="cite-bracket">[</span>5<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-FDS-H-06_6-0" class="reference"><a href="#cite_note-FDS-H-06-6"><span class="cite-bracket">[</span>6<span class="cite-bracket">]</span></a></sup> </p> <meta property="mw:PageProp/toc" /> <div class="mw-heading mw-heading2"><h2 id="Economic_conditions">Economic conditions</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Panic_of_1907&action=edit&section=1" title="Edit section: Economic conditions"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <figure class="mw-default-size" typeof="mw:File/Thumb"><a href="/wiki/File:DowJones1904to1909.png" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/7/7c/DowJones1904to1909.png/310px-DowJones1904to1909.png" decoding="async" width="310" height="196" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/7/7c/DowJones1904to1909.png/465px-DowJones1904to1909.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/7/7c/DowJones1904to1909.png/620px-DowJones1904to1909.png 2x" data-file-width="660" data-file-height="418" /></a><figcaption><a href="/wiki/Dow_Jones_Industrial_Average" title="Dow Jones Industrial Average">Dow Jones Industrial Average</a> 1904–1910. The bottom of 53 was recorded November 15, 1907.</figcaption></figure> <p>When United States President <a href="/wiki/Andrew_Jackson" title="Andrew Jackson">Andrew Jackson</a> allowed the charter of the <a href="/wiki/Second_Bank_of_the_United_States" title="Second Bank of the United States">Second Bank of the United States</a> to expire in 1836, the U.S. was without any sort of <a href="/wiki/Central_bank" title="Central bank">central bank</a>, and the <a href="/wiki/Money_supply" title="Money supply">money supply</a> 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—<a href="/wiki/Interest_rates" class="mw-redirect" title="Interest rates">interest rates</a> were raised. Foreign investors then sent their money to New York to take advantage of the higher rates.<sup id="cite_ref-7" class="reference"><a href="#cite_note-7"><span class="cite-bracket">[</span>7<span class="cite-bracket">]</span></a></sup> From the January 1906 <a href="/wiki/Dow_Jones_Industrial_Average" title="Dow Jones Industrial Average">Dow Jones Industrial Average</a> high of 103, the market began a modest correction that would continue throughout the year. The <a href="/wiki/1906_San_Francisco_earthquake" title="1906 San Francisco earthquake">April 1906 earthquake</a> 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.<sup id="cite_ref-8" class="reference"><a href="#cite_note-8"><span class="cite-bracket">[</span>8<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-9" class="reference"><a href="#cite_note-9"><span class="cite-bracket">[</span>9<span class="cite-bracket">]</span></a></sup> A further stress on the money supply occurred in late 1906, when the <a href="/wiki/Bank_of_England" title="Bank of England">Bank of England</a> 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.<sup id="cite_ref-Moen1990_10-0" class="reference"><a href="#cite_note-Moen1990-10"><span class="cite-bracket">[</span>10<span class="cite-bracket">]</span></a></sup> From their peak in January, stock prices declined 18% by July 1906. By late September, stocks had recovered about half of their losses. </p><p>The <a href="/wiki/Hepburn_Act" title="Hepburn Act">Hepburn Act</a>, which gave the <a href="/wiki/Interstate_Commerce_Commission" title="Interstate Commerce Commission">Interstate Commerce Commission</a> (ICC) the power to set maximum railroad rates, became law in July 1906.<sup id="cite_ref-Noyes1909_11-0" class="reference"><a href="#cite_note-Noyes1909-11"><span class="cite-bracket">[</span>11<span class="cite-bracket">]</span></a></sup> This depreciated the value of railroad securities.<sup id="cite_ref-12" class="reference"><a href="#cite_note-12"><span class="cite-bracket">[</span>12<span class="cite-bracket">]</span></a></sup> Between September 1906 and March 1907, the stock market slid, losing 7.7% of its <a href="/wiki/Market_capitalization" title="Market capitalization">capitalization</a>.<sup id="cite_ref-13" class="reference"><a href="#cite_note-13"><span class="cite-bracket">[</span>13<span class="cite-bracket">]</span></a></sup> Between March 9 and 26, stocks fell a further 9.8%.<sup id="cite_ref-14" class="reference"><a href="#cite_note-14"><span class="cite-bracket">[</span>14<span class="cite-bracket">]</span></a></sup> (This March collapse is sometimes referred to as a "rich man's panic".)<sup id="cite_ref-Aliber2005_15-0" class="reference"><a href="#cite_note-Aliber2005-15"><span class="cite-bracket">[</span>15<span class="cite-bracket">]</span></a></sup> The economy remained volatile through the summer. A number of shocks hit the system: the stock of <a href="/wiki/Union_Pacific" class="mw-redirect" title="Union Pacific">Union Pacific</a>—among the most common stocks used as <a href="/wiki/Collateral_(finance)" title="Collateral (finance)">collateral</a>—fell 50 points; that June an offering of New York City <a href="/wiki/Bond_(finance)" title="Bond (finance)">bonds</a> failed; in July the <a href="/wiki/Copper" title="Copper">copper</a> market collapsed; in August the <a href="/wiki/Standard_Oil_Company" class="mw-redirect" title="Standard Oil Company">Standard Oil Company</a> was fined $29 million for <a href="/wiki/Antitrust" class="mw-redirect" title="Antitrust">antitrust</a> violations.<sup id="cite_ref-Aliber2005_15-1" class="reference"><a href="#cite_note-Aliber2005-15"><span class="cite-bracket">[</span>15<span class="cite-bracket">]</span></a></sup> In the first nine months of 1907, stocks were lower by 24.4%.<sup id="cite_ref-16" class="reference"><a href="#cite_note-16"><span class="cite-bracket">[</span>16<span class="cite-bracket">]</span></a></sup> </p><p>On July 27, <i><a href="/wiki/The_Commercial_%26_Financial_Chronicle" class="mw-redirect" title="The Commercial & Financial Chronicle">The Commercial & Financial Chronicle</a></i> 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".<sup id="cite_ref-17" class="reference"><a href="#cite_note-17"><span class="cite-bracket">[</span>17<span class="cite-bracket">]</span></a></sup> Several <a href="/wiki/Bank_run" title="Bank run">bank runs</a> 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.<sup id="cite_ref-Noyes1909_11-1" class="reference"><a href="#cite_note-Noyes1909-11"><span class="cite-bracket">[</span>11<span class="cite-bracket">]</span></a></sup> 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.<sup id="cite_ref-Moen1990_10-1" class="reference"><a href="#cite_note-Moen1990-10"><span class="cite-bracket">[</span>10<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="The_panic">The panic</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Panic_of_1907&action=edit&section=2" title="Edit section: The panic"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <table class="wikitable floatright mw-collapsible {{{class}}}" style="width:22em; font-size: 88%"> <caption>Timeline of panic in New York City<sup id="cite_ref-18" class="reference"><a href="#cite_note-18"><span class="cite-bracket">[</span>18<span class="cite-bracket">]</span></a></sup></caption> <tbody><tr style="vertical-align:top"><th style="text-align:center; font-weight:normal; border-bottom:#dcdcdc 1px solid;"> Monday, October 14</th><td style="border-bottom:#dcdcdc 1px solid"> Otto Heinze begins purchasing to corner the stock of <a href="/wiki/United_Copper" title="United Copper">United Copper</a>.</td></tr><tr style="vertical-align:top"><th style="text-align:center; font-weight:normal; border-bottom:#dcdcdc 1px solid;"> Wednesday, October 16</th><td style="border-bottom:#dcdcdc 1px solid"> 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.</td></tr><tr style="vertical-align:top"><th style="text-align:center; font-weight:normal; border-bottom:#dcdcdc 1px solid;"> Thursday, October 17</th><td style="border-bottom:#dcdcdc 1px solid"> The Exchange suspends Otto Heinze and Company. The State Savings Bank of Butte, Montana, owned by <a href="/wiki/Augustus_Heinze" class="mw-redirect" title="Augustus Heinze">Augustus Heinze</a> announces it is insolvent. Augustus is forced to resign from <a href="/w/index.php?title=Mercantile_National_Bank&action=edit&redlink=1" class="new" title="Mercantile National Bank (page does not exist)">Mercantile National Bank</a>. Runs begin at Augustus' and his associate <a href="/wiki/Charles_W._Morse" title="Charles W. Morse">Charles W. Morse</a>'s banks.</td></tr><tr style="vertical-align:top"><th style="text-align:center; font-weight:normal; border-bottom:#dcdcdc 1px solid;"> Sunday, October 20</th><td style="border-bottom:#dcdcdc 1px solid"> The New York Clearing House forces Augustus and Morse to resign from all their banking interests.</td></tr><tr style="vertical-align:top"><th style="text-align:center; font-weight:normal; border-bottom:#dcdcdc 1px solid;"> Monday, October 21</th><td style="border-bottom:#dcdcdc 1px solid"> <a href="/wiki/Charles_T._Barney" title="Charles T. Barney">Charles T. Barney</a> is forced to resign from the <a href="/wiki/Knickerbocker_Trust_Company" title="Knickerbocker Trust Company">Knickerbocker Trust Company</a> because of his ties to Morse and Heinze. The <a href="/wiki/National_Bank_of_Commerce_(Kansas_City)" title="National Bank of Commerce (Kansas City)">National Bank of Commerce</a> says it will no longer serve as clearing house.</td></tr><tr style="vertical-align:top"><th style="text-align:center; font-weight:normal; border-bottom:#dcdcdc 1px solid;"> Tuesday, October 22</th><td style="border-bottom:#dcdcdc 1px solid"> A <a href="/wiki/Bank_run" title="Bank run">bank run</a> forces the Knickerbocker to suspend operations.</td></tr><tr style="vertical-align:top"><th style="text-align:center; font-weight:normal; border-bottom:#dcdcdc 1px solid;"> Wednesday, October 23</th><td style="border-bottom:#dcdcdc 1px solid"> <a href="/wiki/J._P._Morgan" title="J. P. Morgan">J.P. Morgan</a> persuades other trust company presidents to provide liquidity to the Trust Company of America, staving off its collapse.</td></tr><tr style="vertical-align:top"><th style="text-align:center; font-weight:normal; border-bottom:#dcdcdc 1px solid;"> Thursday, October 24</th><td style="border-bottom:#dcdcdc 1px solid"> <a href="/wiki/United_States_Secretary_of_the_Treasury" title="United States Secretary of the Treasury">Treasury Secretary</a> <a href="/wiki/George_B._Cortelyou" title="George B. Cortelyou">George Cortelyou</a> agrees to deposit Federal money in New York banks. Morgan persuades bank presidents to provide $23 million to the <a href="/wiki/New_York_Stock_Exchange" title="New York Stock Exchange">New York Stock Exchange</a> to prevent an early closure.</td></tr><tr style="vertical-align:top"><th style="text-align:center; font-weight:normal; border-bottom:#dcdcdc 1px solid;"> Friday October 25</th><td style="border-bottom:#dcdcdc 1px solid"> Crisis is again narrowly averted at the Exchange.</td></tr><tr style="vertical-align:top"><th style="text-align:center; font-weight:normal; border-bottom:#dcdcdc 1px solid;"> Sunday, October 27</th><td style="border-bottom:#dcdcdc 1px solid"> The <a href="/wiki/New_York_City" title="New York City">City of New York</a> tells Morgan associate <a href="/wiki/George_Walbridge_Perkins" title="George Walbridge Perkins">George Perkins</a> that if they cannot raise $20–30 million by November 1, the city will be insolvent.</td></tr><tr style="vertical-align:top"><th style="text-align:center; font-weight:normal; border-bottom:#dcdcdc 1px solid;"> Tuesday, October 29</th><td style="border-bottom:#dcdcdc 1px solid"> Morgan purchased $30 million in city bonds, discreetly averting bankruptcy for the city.</td></tr><tr style="vertical-align:top"><th style="text-align:center; font-weight:normal; border-bottom:#dcdcdc 1px solid;"> Saturday, November 2</th><td style="border-bottom:#dcdcdc 1px solid"> Moore & Schley, a major brokerage, nears collapse because its loans were backed by the <a href="/wiki/Tennessee_Coal,_Iron_%26_Railroad_Company" class="mw-redirect" title="Tennessee Coal, Iron & Railroad Company">Tennessee Coal, Iron & Railroad Company</a> (TC&I), a stock whose value is uncertain. A proposal is made for <a href="/wiki/U.S._Steel" title="U.S. Steel">U.S. Steel</a> to purchase TC&I.</td></tr><tr style="vertical-align:top"><th style="text-align:center; font-weight:normal; border-bottom:#dcdcdc 1px solid;"> Sunday, November 3</th><td style="border-bottom:#dcdcdc 1px solid"> A plan is finalized for U.S. Steel to take over TC&I.</td></tr><tr style="vertical-align:top"><th style="text-align:center; font-weight:normal; border-bottom:#dcdcdc 1px solid;"> Monday, November 4</th><td style="border-bottom:#dcdcdc 1px solid"> President <a href="/wiki/Theodore_Roosevelt" title="Theodore Roosevelt">Theodore Roosevelt</a> approves U.S. Steel's takeover of TC&I, despite anticompetitive concerns.</td></tr><tr style="vertical-align:top"><th style="text-align:center; font-weight:normal; border-bottom:#dcdcdc 1px solid;"> Tuesday, November 5</th><td style="border-bottom:#dcdcdc 1px solid"> Markets are closed for <a href="/wiki/Election_Day_(United_States)" title="Election Day (United States)">Election Day</a> (no federal elections were actually held this year).</td></tr></tbody></table> <div class="mw-heading mw-heading3"><h3 id="Cornering_United_Copper">Cornering United Copper</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Panic_of_1907&action=edit&section=3" title="Edit section: Cornering United Copper"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>The 1907 panic began with a <a href="/wiki/Market_manipulation" title="Market manipulation">stock manipulation</a> scheme to <a href="/wiki/Cornering_the_market" title="Cornering the market">corner the market</a> in <a href="/wiki/F._Augustus_Heinze" title="F. Augustus Heinze">F. Augustus Heinze</a>'s <a href="/wiki/United_Copper" title="United Copper">United Copper Company</a>. Heinze had made a fortune as a <a href="/wiki/Copper" title="Copper">copper</a> magnate in <a href="/wiki/Butte,_Montana" title="Butte, Montana">Butte, Montana</a>. In 1906 he moved to New York City, where he formed a close relationship with notorious <a href="/wiki/Wall_Street" title="Wall Street">Wall Street</a> banker <a href="/wiki/Charles_W._Morse" title="Charles W. Morse">Charles W. Morse</a>. Morse had once successfully cornered New York City's <a href="/wiki/Ice_trade" title="Ice trade">ice market</a>, and together with Heinze gained control of many banks—the pair served on the boards of at least six <a href="/wiki/National_bank_(United_States)" title="National bank (United States)">national banks</a>, ten <a href="/wiki/State_bank_(United_States)" title="State bank (United States)">state banks</a>, five <a href="/wiki/Trust_companies" class="mw-redirect" title="Trust companies">trust companies</a> and four <a href="/wiki/Insurance" title="Insurance">insurance</a> firms.<sup id="cite_ref-19" class="reference"><a href="#cite_note-19"><span class="cite-bracket">[</span>19<span class="cite-bracket">]</span></a></sup> </p> <figure class="mw-default-size mw-halign-left" typeof="mw:File/Thumb"><a href="/wiki/File:Curb_market.jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/5/54/Curb_market.jpg/220px-Curb_market.jpg" decoding="async" width="220" height="151" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/5/54/Curb_market.jpg/330px-Curb_market.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/5/54/Curb_market.jpg/440px-Curb_market.jpg 2x" data-file-width="3765" data-file-height="2580" /></a><figcaption>The curb outside the <a href="/wiki/New_York_Stock_Exchange" title="New York Stock Exchange">New York Stock Exchange</a>'s <a href="/wiki/New_York_Stock_Exchange_Building" title="New York Stock Exchange Building">building</a>, where panic began.<sup id="cite_ref-20" class="reference"><a href="#cite_note-20"><span class="cite-bracket">[</span>n 1<span class="cite-bracket">]</span></a></sup></figcaption></figure> <p>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' <a href="/wiki/Share_(finance)" title="Share (finance)">shares</a> had been <a href="/wiki/Securities_lending" title="Securities lending">borrowed</a>, and <a href="/wiki/Short_(finance)" title="Short (finance)">sold short</a>, 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 <a href="/wiki/Short_squeeze" title="Short squeeze">short squeeze</a>, in which the Heinzes would aggressively purchase as many remaining shares as possible, and then force the short sellers to pay for their borrowed shares. The aggressive purchasing would drive up the share price, and, being unable to find shares elsewhere, the short sellers would have no option but to turn to the Heinzes, who could then name their price.<sup id="cite_ref-21" class="reference"><a href="#cite_note-21"><span class="cite-bracket">[</span>20<span class="cite-bracket">]</span></a></sup> </p><p>To finance the scheme, Otto, Augustus and Charles Morse met with <a href="/wiki/Charles_T._Barney" title="Charles T. Barney">Charles T. Barney</a>, president of the city's third-largest trust, the <a href="/wiki/Knickerbocker_Trust_Company" title="Knickerbocker Trust Company">Knickerbocker Trust Company</a>. 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.<sup id="cite_ref-22" class="reference"><a href="#cite_note-22"><span class="cite-bracket">[</span>21<span class="cite-bracket">]</span></a></sup> 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.<sup id="cite_ref-23" class="reference"><a href="#cite_note-23"><span class="cite-bracket">[</span>22<span class="cite-bracket">]</span></a></sup> </p><p>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 <a href="/wiki/New_York_Stock_Exchange_Building" title="New York Stock Exchange Building">the hall</a> of the <a href="/wiki/New_York_Stock_Exchange" title="New York Stock Exchange">New York Stock Exchange</a>, literally an outdoor market "on the curb" (this curb market would later become the <a href="/wiki/American_Stock_Exchange" class="mw-redirect" title="American Stock Exchange">American Stock Exchange</a>). After the crash, <i><a href="/wiki/The_Wall_Street_Journal" title="The Wall Street Journal">The Wall Street Journal</a></i> reported, "Never has there been such wild scenes on the Curb, so say the oldest veterans of the outside market".<sup id="cite_ref-24" class="reference"><a href="#cite_note-24"><span class="cite-bracket">[</span>23<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Contagion">Contagion</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Panic_of_1907&action=edit&section=4" title="Edit section: Contagion"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>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 Montana (owned by F. Augustus Heinze) announced its insolvency. The Montana bank had held United Copper stock as <a href="/wiki/Collateral_(finance)" title="Collateral (finance)">collateral</a> against some of its lending and had been a <a href="/wiki/Correspondent_bank" class="mw-redirect" title="Correspondent bank">correspondent bank</a> for the Mercantile National Bank in New York City, of which F. Augustus Heinze was then president. </p><p>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,<sup id="cite_ref-25" class="reference"><a href="#cite_note-25"><span class="cite-bracket">[</span>24<span class="cite-bracket">]</span></a></sup> by then it was too late. As news of the collapse spread, depositors rushed <i>en masse</i> 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 National. Afraid of the impact the tainted reputations of Augustus Heinze and Morse could have on the banking system, the <a href="/wiki/New_York_Clearing_House" class="mw-redirect" title="New York Clearing House">New York Clearing House</a> (a consortium of the city's banks) forced Morse and Heinze to resign all banking interests.<sup id="cite_ref-26" class="reference"><a href="#cite_note-26"><span class="cite-bracket">[</span>25<span class="cite-bracket">]</span></a></sup> 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.<sup id="cite_ref-Moen1990a_27-0" class="reference"><a href="#cite_note-Moen1990a-27"><span class="cite-bracket">[</span>26<span class="cite-bracket">]</span></a></sup> </p><p>A week later many regional stock exchanges throughout the nation were closing or limiting trading. For example, the <a href="/wiki/Pittsburgh" title="Pittsburgh">Pittsburgh</a> city's <a href="/wiki/Pittsburgh_Stock_Exchange" title="Pittsburgh Stock Exchange">stock exchange</a> closed for three months starting on October 23, 1907.<sup id="cite_ref-28" class="reference"><a href="#cite_note-28"><span class="cite-bracket">[</span>27<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Panic_hits_the_trusts">Panic hits the trusts</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Panic_of_1907&action=edit&section=5" title="Edit section: Panic hits the trusts"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <figure class="mw-default-size mw-halign-left" typeof="mw:File/Thumb"><a href="/wiki/File:Knickerbocker_trust_company.jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/c/c0/Knickerbocker_trust_company.jpg/170px-Knickerbocker_trust_company.jpg" decoding="async" width="170" height="196" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/c/c0/Knickerbocker_trust_company.jpg/255px-Knickerbocker_trust_company.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/c/c0/Knickerbocker_trust_company.jpg/340px-Knickerbocker_trust_company.jpg 2x" data-file-width="526" data-file-height="605" /></a><figcaption>Headquarters of the <a href="/wiki/Knickerbocker_Trust_Company" title="Knickerbocker Trust Company">Knickerbocker Trust Company</a> at the northwest corner of <a href="/wiki/Fifth_Avenue" title="Fifth Avenue">Fifth Avenue</a> and <a href="/wiki/34th_Street_(Manhattan)" title="34th Street (Manhattan)">34th Street</a></figcaption></figure> <p>In the early 1900s, <a href="/wiki/Trust_(business)" title="Trust (business)">trust companies</a> 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%.<sup id="cite_ref-29" class="reference"><a href="#cite_note-29"><span class="cite-bracket">[</span>28<span class="cite-bracket">]</span></a></sup> The leaders of the high-flying trusts were mainly prominent members of New York's financial and social circles. One of the most respected was <a href="/wiki/Charles_T._Barney" title="Charles T. Barney">Charles T. Barney</a>, whose late father-in-law <a href="/wiki/William_Collins_Whitney" title="William Collins Whitney">William Collins Whitney</a> was a famous financier. Barney's <a href="/wiki/Knickerbocker_Trust_Company" title="Knickerbocker Trust Company">Knickerbocker Trust Company</a> was the third-largest trust in New York.<sup id="cite_ref-30" class="reference"><a href="#cite_note-30"><span class="cite-bracket">[</span>29<span class="cite-bracket">]</span></a></sup> </p><p>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).<sup id="cite_ref-Moen1990a_27-1" class="reference"><a href="#cite_note-Moen1990a-27"><span class="cite-bracket">[</span>26<span class="cite-bracket">]</span></a></sup> That day, the <a href="/wiki/National_Bank_of_Commerce_(Kansas_City)" title="National Bank of Commerce (Kansas City)">National Bank of Commerce</a> where J.P. Morgan was a dominant factor, announced it would not serve as <a href="/wiki/Clearing_house_(finance)" title="Clearing house (finance)">clearing house</a> for the Knickerbocker. On October 22, the Knickerbocker faced a classic bank run. From the bank's opening, the crowd grew. As <i><a href="/wiki/The_New_York_Times" title="The New York Times">The New York Times</a></i> reported, "as fast as a depositor went out of the place ten people and more came asking for their money [and the police] were asked to send some men to keep order".<sup id="cite_ref-31" class="reference"><a href="#cite_note-31"><span class="cite-bracket">[</span>30<span class="cite-bracket">]</span></a></sup> 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 forced their way through the crowd, assuring them that everyone would be paid.<sup id="cite_ref-32" class="reference"><a href="#cite_note-32"><span class="cite-bracket">[</span>31<span class="cite-bracket">]</span></a></sup> In less than three hours, $8 million was withdrawn from the Knickerbocker. Shortly after noon it was forced to suspend operations.<sup id="cite_ref-Moen1990a_27-2" class="reference"><a href="#cite_note-Moen1990a-27"><span class="cite-bracket">[</span>26<span class="cite-bracket">]</span></a></sup> </p><p>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.<sup id="cite_ref-33" class="reference"><a href="#cite_note-33"><span class="cite-bracket">[</span>32<span class="cite-bracket">]</span></a></sup> The panic quickly spread to two other large 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.<sup id="cite_ref-34" class="reference"><a href="#cite_note-34"><span class="cite-bracket">[</span>33<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="J._P._Morgan">J. P. Morgan</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Panic_of_1907&action=edit&section=6" title="Edit section: J. P. Morgan"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <figure class="mw-default-size mw-halign-left" typeof="mw:File/Thumb"><a href="/wiki/File:JP_Morgan_crop.jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/7/72/JP_Morgan_crop.jpg/170px-JP_Morgan_crop.jpg" decoding="async" width="170" height="200" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/7/72/JP_Morgan_crop.jpg/255px-JP_Morgan_crop.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/7/72/JP_Morgan_crop.jpg/340px-JP_Morgan_crop.jpg 2x" data-file-width="801" data-file-height="942" /></a><figcaption><a href="/wiki/J._P._Morgan" title="J. P. Morgan">J.P. Morgan</a>, the dominant banker in New York City.<sup id="cite_ref-35" class="reference"><a href="#cite_note-35"><span class="cite-bracket">[</span>n 2<span class="cite-bracket">]</span></a></sup></figcaption></figure> <p>When the chaos began to shake the confidence of New York's banks, the city's most famous banker was out of town. <a href="/wiki/J._P._Morgan" title="J. P. Morgan">J. P. Morgan</a>, the eponymous president of <a href="/wiki/J.P._Morgan_%26_Co." title="J.P. Morgan & Co.">J.P. Morgan & Co.</a>, was attending a church convention in <a href="/wiki/Richmond,_Virginia" title="Richmond, Virginia">Richmond, Virginia</a>. 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 <a href="/wiki/United_States_Department_of_the_Treasury" title="United States Department of the Treasury">U.S. Treasury</a> during the <a href="/wiki/Panic_of_1893" title="Panic of 1893">Panic of 1893</a>. 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 <a href="/wiki/The_Morgan_Library_%26_Museum" class="mw-redirect" title="The Morgan Library & Museum">library</a> of Morgan's <a href="/wiki/Brownstone" title="Brownstone">brownstone</a> 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.<sup id="cite_ref-36" class="reference"><a href="#cite_note-36"><span class="cite-bracket">[</span>34<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-37" class="reference"><a href="#cite_note-37"><span class="cite-bracket">[</span>35<span class="cite-bracket">]</span></a></sup> </p><p>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 22, the president of the Trust Company of America asked Morgan for assistance. That evening Morgan conferred with <a href="/wiki/George_Fisher_Baker" title="George Fisher Baker">George F. Baker</a>, the president of First National Bank, <a href="/wiki/James_Stillman" title="James Stillman">James Stillman</a> of the National City Bank of New York (the ancestor of <a href="/wiki/Citibank" title="Citibank">Citibank</a>), and the <a href="/wiki/United_States_Secretary_of_the_Treasury" title="United States Secretary of the Treasury">United States Secretary of the Treasury</a>, <a href="/wiki/George_B._Cortelyou" title="George B. Cortelyou">George B. Cortelyou</a>. 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."<sup id="cite_ref-38" class="reference"><a href="#cite_note-38"><span class="cite-bracket">[</span>36<span class="cite-bracket">]</span></a></sup> </p><p>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. 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.<sup id="cite_ref-39" class="reference"><a href="#cite_note-39"><span class="cite-bracket">[</span>37<span class="cite-bracket">]</span></a></sup> On Thursday morning Cortelyou deposited around $25 million into a number of New York banks.<sup id="cite_ref-Moen1990b_40-0" class="reference"><a href="#cite_note-Moen1990b-40"><span class="cite-bracket">[</span>38<span class="cite-bracket">]</span></a></sup> <a href="/wiki/John_D._Rockefeller" title="John D. Rockefeller">John D. Rockefeller</a>, the wealthiest man in the United States, deposited a further $10 million in Stillman's National City Bank.<sup id="cite_ref-Moen1990b_40-1" class="reference"><a href="#cite_note-Moen1990b-40"><span class="cite-bracket">[</span>38<span class="cite-bracket">]</span></a></sup> 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 <a href="/wiki/Melville_Elijah_Stone" title="Melville Elijah Stone">Melville Stone</a>, the manager of the <a href="/wiki/Associated_Press" title="Associated Press">Associated Press</a>, and told him that he would pledge half of his wealth to maintain U.S. credit.<sup id="cite_ref-41" class="reference"><a href="#cite_note-41"><span class="cite-bracket">[</span>39<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Stock_exchange_nears_collapse">Stock exchange nears collapse</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Panic_of_1907&action=edit&section=7" title="Edit section: Stock exchange nears collapse"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>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 <a href="/wiki/Stock_market_crash" title="Stock market crash">crash</a>, owing to the lack of funds to finance purchases. At 1:30 p.m. Thursday, October 24, <a href="/wiki/Ransom_H._Thomas" title="Ransom H. Thomas">Ransom Thomas</a>, the president of the <a href="/wiki/New_York_Stock_Exchange" title="New York Stock Exchange">New York Stock Exchange</a>, 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.<sup id="cite_ref-42" class="reference"><a href="#cite_note-42"><span class="cite-bracket">[</span>40<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-43" class="reference"><a href="#cite_note-43"><span class="cite-bracket">[</span>41<span class="cite-bracket">]</span></a></sup> </p> <figure class="mw-default-size mw-halign-left" typeof="mw:File/Thumb"><a href="/wiki/File:Stockexchange.jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/a/a6/Stockexchange.jpg/220px-Stockexchange.jpg" decoding="async" width="220" height="142" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/a/a6/Stockexchange.jpg/330px-Stockexchange.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/a/a6/Stockexchange.jpg/440px-Stockexchange.jpg 2x" data-file-width="690" data-file-height="446" /></a><figcaption>Floor of the <a href="/wiki/New_York_Stock_Exchange" title="New York Stock Exchange">New York Stock Exchange</a> (<i>pictured in 1908</i>)<sup id="cite_ref-44" class="reference"><a href="#cite_note-44"><span class="cite-bracket">[</span>n 3<span class="cite-bracket">]</span></a></sup></figcaption></figure> <p>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 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".<sup id="cite_ref-45" class="reference"><a href="#cite_note-45"><span class="cite-bracket">[</span>42<span class="cite-bracket">]</span></a></sup> </p><p>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 <a href="/wiki/Margin_(finance)" title="Margin (finance)">margin sales</a>. The volume of trading on Friday was 2/3 that of Thursday. The markets again narrowly made it to the closing bell.<sup id="cite_ref-46" class="reference"><a href="#cite_note-46"><span class="cite-bracket">[</span>43<span class="cite-bracket">]</span></a></sup> </p> <div style="clear:both;" class=""></div> <div class="mw-heading mw-heading3"><h3 id="Crisis_of_confidence">Crisis of confidence</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Panic_of_1907&action=edit&section=8" title="Edit section: Crisis of confidence"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>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 second to explain to the press the various aspects of the financial rescue package. Europe's most famous banker, <a href="/wiki/Nathan_Rothschild,_1st_Baron_Rothschild" title="Nathan Rothschild, 1st Baron Rothschild">Lord Rothschild</a>, sent word of his "admiration and respect" for Morgan.<sup id="cite_ref-47" class="reference"><a href="#cite_note-47"><span class="cite-bracket">[</span>44<span class="cite-bracket">]</span></a></sup> 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.<sup id="cite_ref-48" class="reference"><a href="#cite_note-48"><span class="cite-bracket">[</span>45<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-Chernow_1990_p=126_49-0" class="reference"><a href="#cite_note-Chernow_1990_p=126-49"><span class="cite-bracket">[</span>46<span class="cite-bracket">]</span></a></sup> </p> <style data-mw-deduplicate="TemplateStyles:r1237032888/mw-parser-output/.tmulti">.mw-parser-output .tmulti .multiimageinner{display:flex;flex-direction:column}.mw-parser-output .tmulti .trow{display:flex;flex-direction:row;clear:left;flex-wrap:wrap;width:100%;box-sizing:border-box}.mw-parser-output .tmulti .tsingle{margin:1px;float:left}.mw-parser-output .tmulti .theader{clear:both;font-weight:bold;text-align:center;align-self:center;background-color:transparent;width:100%}.mw-parser-output .tmulti .thumbcaption{background-color:transparent}.mw-parser-output .tmulti .text-align-left{text-align:left}.mw-parser-output .tmulti .text-align-right{text-align:right}.mw-parser-output .tmulti .text-align-center{text-align:center}@media all and (max-width:720px){.mw-parser-output .tmulti .thumbinner{width:100%!important;box-sizing:border-box;max-width:none!important;align-items:center}.mw-parser-output .tmulti .trow{justify-content:center}.mw-parser-output .tmulti .tsingle{float:none!important;max-width:100%!important;box-sizing:border-box;text-align:center}.mw-parser-output .tmulti .tsingle .thumbcaption{text-align:left}.mw-parser-output .tmulti .trow>.thumbcaption{text-align:center}}@media screen{html.skin-theme-clientpref-night .mw-parser-output .tmulti .multiimageinner img{background-color:white}}@media screen and (prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .tmulti .multiimageinner img{background-color:white}}</style><div class="thumb tmulti tright"><div class="thumbinner multiimageinner" style="width:412px;max-width:412px"><div class="trow"><div class="tsingle" style="width:102px;max-width:102px"><div class="thumbimage" style="height:133px;overflow:hidden"><span typeof="mw:File"><a href="/wiki/File:Zoomed_John_D._Rockefeller.jpg" class="mw-file-description"><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/f/f1/Zoomed_John_D._Rockefeller.jpg/100px-Zoomed_John_D._Rockefeller.jpg" decoding="async" width="100" height="133" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/f/f1/Zoomed_John_D._Rockefeller.jpg/150px-Zoomed_John_D._Rockefeller.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/f/f1/Zoomed_John_D._Rockefeller.jpg/200px-Zoomed_John_D._Rockefeller.jpg 2x" data-file-width="398" data-file-height="531" /></a></span></div></div><div class="tsingle" style="width:96px;max-width:96px"><div class="thumbimage" style="height:133px;overflow:hidden"><span typeof="mw:File"><a href="/wiki/File:Cortelyou-george-bruce.jpg" class="mw-file-description"><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/5/5f/Cortelyou-george-bruce.jpg/94px-Cortelyou-george-bruce.jpg" decoding="async" width="94" height="133" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/5/5f/Cortelyou-george-bruce.jpg/141px-Cortelyou-george-bruce.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/5/5f/Cortelyou-george-bruce.jpg/188px-Cortelyou-george-bruce.jpg 2x" data-file-width="338" data-file-height="480" /></a></span></div></div><div class="tsingle" style="width:91px;max-width:91px"><div class="thumbimage" style="height:133px;overflow:hidden"><span typeof="mw:File"><a href="/wiki/File:Nathan_rothschild.jpg" class="mw-file-description"><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/0/03/Nathan_rothschild.jpg/89px-Nathan_rothschild.jpg" decoding="async" width="89" height="134" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/0/03/Nathan_rothschild.jpg/134px-Nathan_rothschild.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/0/03/Nathan_rothschild.jpg/178px-Nathan_rothschild.jpg 2x" data-file-width="355" data-file-height="533" /></a></span></div></div><div class="tsingle" style="width:115px;max-width:115px"><div class="thumbimage" style="height:133px;overflow:hidden"><span typeof="mw:File"><a href="/wiki/File:James_J._Stillman.jpg" class="mw-file-description"><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/e/e2/James_J._Stillman.jpg/113px-James_J._Stillman.jpg" decoding="async" width="113" height="133" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/e/e2/James_J._Stillman.jpg 1.5x" data-file-width="151" data-file-height="178" /></a></span></div></div></div><div class="trow" style="display:flex"><div class="thumbcaption"><a href="/wiki/John_D._Rockefeller" title="John D. Rockefeller">John D. Rockefeller</a>, <a href="/wiki/George_B._Cortelyou" title="George B. Cortelyou">George B. Cortelyou</a>, <a href="/wiki/Nathan_Rothschild,_1st_Baron_Rothschild" title="Nathan Rothschild, 1st Baron Rothschild">Lord Rothschild</a> and <a href="/wiki/James_Stillman" title="James Stillman">James Stillman</a>, some of the best-known names on Wall Street. They tried to restore confidence in the economy.</div></div></div></div> <p>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.<sup id="cite_ref-50" class="reference"><a href="#cite_note-50"><span class="cite-bracket">[</span>47<span class="cite-bracket">]</span></a></sup> Reassured both by the clergy and the newspapers, and with bank balance sheets flush with cash, a sense of order returned to New York that Monday.<sup id="cite_ref-51" class="reference"><a href="#cite_note-51"><span class="cite-bracket">[</span>48<span class="cite-bracket">]</span></a></sup> </p><p>Unbeknownst to Wall Street, a new crisis was being averted in the background. On Sunday, Morgan's associate, <a href="/wiki/George_Walbridge_Perkins" title="George Walbridge Perkins">George Perkins</a>, was informed that the City of New York required at least $20 million by November 1 or it would go bankrupt. The city tried to raise money through a standard bond issue, but failed to gather enough financing. On Monday and again on Tuesday, <a href="/wiki/Mayor_of_New_York_City" title="Mayor of New York City">New York Mayor</a> <a href="/wiki/George_B._McClellan_Jr." title="George B. McClellan Jr.">George McClellan</a> 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.<sup id="cite_ref-52" class="reference"><a href="#cite_note-52"><span class="cite-bracket">[</span>49<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-Chernow_1990_p=126_49-1" class="reference"><a href="#cite_note-Chernow_1990_p=126-49"><span class="cite-bracket">[</span>46<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Drama_at_the_library">Drama at the library</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Panic_of_1907&action=edit&section=9" title="Edit section: Drama at the library"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Although calm was largely restored in New York by Saturday, November 2, yet another crisis loomed. One of the exchange's largest brokerage firms, <a href="/w/index.php?title=Moore_%26_Schley&action=edit&redlink=1" class="new" title="Moore & Schley (page does not exist)">Moore & Schley</a>, was heavily in debt and in danger of collapse. The firm had borrowed heavily, using shares of the <a href="/wiki/Tennessee_Coal,_Iron_and_Railroad_Company" title="Tennessee Coal, Iron and Railroad Company">Tennessee Coal, Iron and Railroad Company</a> (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 <i>en masse</i> 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.<sup id="cite_ref-53" class="reference"><a href="#cite_note-53"><span class="cite-bracket">[</span>50<span class="cite-bracket">]</span></a></sup> </p><p>To avert the collapse of Moore & Schley, Morgan called an emergency conference at his <a href="/wiki/The_Morgan_Library_%26_Museum" class="mw-redirect" title="The Morgan Library & Museum">library</a> Saturday morning. A proposal was made that the <a href="/wiki/U.S._Steel_Corporation" class="mw-redirect" title="U.S. Steel Corporation">U.S. Steel Corporation</a>, a company Morgan had helped form through the merger of the steel companies of <a href="/wiki/Andrew_Carnegie" title="Andrew Carnegie">Andrew Carnegie</a> and <a href="/wiki/Elbert_Henry_Gary" title="Elbert Henry Gary">Elbert Gary</a>, 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.<sup id="cite_ref-54" class="reference"><a href="#cite_note-54"><span class="cite-bracket">[</span>51<span class="cite-bracket">]</span></a></sup> </p><p>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 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.<sup id="cite_ref-55" class="reference"><a href="#cite_note-55"><span class="cite-bracket">[</span>52<span class="cite-bracket">]</span></a></sup> 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. </p><p>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 discussion ensued, the bankers realized that Morgan had locked them in the library and pocketed the key to force a solution,<sup id="cite_ref-56" class="reference"><a href="#cite_note-56"><span class="cite-bracket">[</span>53<span class="cite-bracket">]</span></a></sup> the sort of strong-arm tactic he had been known to use in the past.<sup id="cite_ref-Chernow_1990_p=127_57-0" class="reference"><a href="#cite_note-Chernow_1990_p=127-57"><span class="cite-bracket">[</span>54<span class="cite-bracket">]</span></a></sup> 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.<sup id="cite_ref-Chernow_1990_p=127_57-1" class="reference"><a href="#cite_note-Chernow_1990_p=127-57"><span class="cite-bracket">[</span>54<span class="cite-bracket">]</span></a></sup> Having received these commitments, Morgan allowed the bankers to go home.<sup id="cite_ref-58" class="reference"><a href="#cite_note-58"><span class="cite-bracket">[</span>55<span class="cite-bracket">]</span></a></sup> </p> <figure class="mw-default-size mw-halign-left" typeof="mw:File/Thumb"><a href="/wiki/File:Bears_on_wall_street_1907.jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/7/71/Bears_on_wall_street_1907.jpg/220px-Bears_on_wall_street_1907.jpg" decoding="async" width="220" height="138" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/7/71/Bears_on_wall_street_1907.jpg/330px-Bears_on_wall_street_1907.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/7/71/Bears_on_wall_street_1907.jpg/440px-Bears_on_wall_street_1907.jpg 2x" data-file-width="896" data-file-height="561" /></a><figcaption>Cartoon of <a href="/wiki/Theodore_Roosevelt" title="Theodore Roosevelt">Theodore Roosevelt</a> attacking Wall Street<sup id="cite_ref-59" class="reference"><a href="#cite_note-59"><span class="cite-bracket">[</span>n 4<span class="cite-bracket">]</span></a></sup></figcaption></figure> <p>On Sunday afternoon and into the evening, Morgan, Perkins, Baker and Stillman, along with U.S. Steel's Gary and <a href="/wiki/Henry_Clay_Frick" title="Henry Clay Frick">Henry Clay Frick</a>, 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 <a href="/wiki/Anti-trust" class="mw-redirect" title="Anti-trust">anti-trust</a> crusading President <a href="/wiki/Theodore_Roosevelt" title="Theodore Roosevelt">Theodore Roosevelt</a>, who had made breaking up <a href="/wiki/Monopoly" title="Monopoly">monopolies</a> a focus of his presidency.<sup id="cite_ref-60" class="reference"><a href="#cite_note-60"><span class="cite-bracket">[</span>56<span class="cite-bracket">]</span></a></sup> </p><p>Frick and Gary traveled overnight by train to the <a href="/wiki/White_House" title="White House">White House</a> to implore Roosevelt to set aside the application of the <a href="/wiki/Sherman_Antitrust_Act" title="Sherman Antitrust Act">Sherman Antitrust Act</a> 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 <a href="/wiki/James_Rudolph_Garfield" title="James Rudolph Garfield">James Rudolph Garfield</a>, the <a href="/wiki/United_States_Secretary_of_the_Interior" title="United States Secretary of the Interior">Secretary of the Interior</a>, to bypass the secretary and arrange a meeting with the president. With less than an hour before the Stock Exchange opened, Roosevelt and <a href="/wiki/United_States_Secretary_of_State" title="United States Secretary of State">Secretary of State</a> <a href="/wiki/Elihu_Root" title="Elihu Root">Elihu Root</a> began to review the proposed takeover and appreciate the crash likely to ensue if the merger was not approved.<sup id="cite_ref-Carr2007_61-0" class="reference"><a href="#cite_note-Carr2007-61"><span class="cite-bracket">[</span>57<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-Chernow1990_62-0" class="reference"><a href="#cite_note-Chernow1990-62"><span class="cite-bracket">[</span>58<span class="cite-bracket">]</span></a></sup> 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 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".<sup id="cite_ref-Carr2007_61-1" class="reference"><a href="#cite_note-Carr2007-61"><span class="cite-bracket">[</span>57<span class="cite-bracket">]</span></a></sup> When news reached New York, confidence soared. The <i><a href="/wiki/Commercial_%26_Financial_Chronicle" title="Commercial & Financial Chronicle">Commercial & Financial Chronicle</a></i> reported that "the relief furnished by this transaction was instant and far-reaching".<sup id="cite_ref-63" class="reference"><a href="#cite_note-63"><span class="cite-bracket">[</span>59<span class="cite-bracket">]</span></a></sup> The final crisis of the panic had been averted.<sup id="cite_ref-64" class="reference"><a href="#cite_note-64"><span class="cite-bracket">[</span>60<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="Aftermath">Aftermath</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Panic_of_1907&action=edit&section=10" title="Edit section: Aftermath"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>The panic of 1907 occurred during a lengthy <a href="/wiki/Economic_contraction" class="mw-redirect" title="Economic contraction">economic contraction</a>, measured by the <a href="/wiki/National_Bureau_of_Economic_Research" title="National Bureau of Economic Research">National Bureau of Economic Research</a> as occurring between May 1907 and June 1908.<sup id="cite_ref-65" class="reference"><a href="#cite_note-65"><span class="cite-bracket">[</span>61<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-Gorton1992_66-0" class="reference"><a href="#cite_note-Gorton1992-66"><span class="cite-bracket">[</span>62<span class="cite-bracket">]</span></a></sup> 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. 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.<sup id="cite_ref-67" class="reference"><a href="#cite_note-67"><span class="cite-bracket">[</span>63<span class="cite-bracket">]</span></a></sup> </p><p>Since the end of the <a href="/wiki/American_Civil_War" title="American Civil War">Civil War</a>, the United States had experienced panics of varying severity. Economists <a href="/wiki/Charles_Calomiris" title="Charles Calomiris">Charles Calomiris</a> and Gary Gorton rate the worst panics as those leading to widespread bank suspensions: the panics of <a href="/wiki/Panic_of_1873" title="Panic of 1873">1873</a>, <a href="/wiki/Panic_of_1893" title="Panic of 1893">1893</a>, and 1907, and a suspension in 1914. Widespread suspensions were forestalled through coordinated actions during the <a href="/wiki/Panic_of_1884" title="Panic of 1884">1884</a> and <a href="/wiki/Panic_of_1890" class="mw-redirect" title="Panic of 1890">1890</a> panics. A bank <a href="/wiki/Panic_of_1896" title="Panic of 1896">crisis in 1896</a>, in which there was a perceived need for coordination, is also sometimes classified as a panic.<sup id="cite_ref-Gorton1992_66-1" class="reference"><a href="#cite_note-Gorton1992-66"><span class="cite-bracket">[</span>62<span class="cite-bracket">]</span></a></sup> </p><p>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.<sup id="cite_ref-68" class="reference"><a href="#cite_note-68"><span class="cite-bracket">[</span>64<span class="cite-bracket">]</span></a></sup> In May 1908, Congress passed the <a href="/wiki/Aldrich-Vreeland_Act" class="mw-redirect" title="Aldrich-Vreeland Act">Aldrich–Vreeland Act</a>, which established the <a href="/wiki/National_Monetary_Commission" title="National Monetary Commission">National Monetary Commission</a> to investigate the panic and to propose legislation to regulate banking.<sup id="cite_ref-69" class="reference"><a href="#cite_note-69"><span class="cite-bracket">[</span>65<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Central_bank">Central bank</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Panic_of_1907&action=edit&section=11" title="Edit section: Central bank"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1236090951">.mw-parser-output .hatnote{font-style:italic}.mw-parser-output div.hatnote{padding-left:1.6em;margin-bottom:0.5em}.mw-parser-output .hatnote i{font-style:normal}.mw-parser-output .hatnote+link+.hatnote{margin-top:-0.5em}@media print{body.ns-0 .mw-parser-output .hatnote{display:none!important}}</style><div role="note" class="hatnote navigation-not-searchable">Main article: <a href="/wiki/History_of_the_Federal_Reserve_System" title="History of the Federal Reserve System">History of the Federal Reserve System</a></div> <p>A significant difference between the European and U.S. banking systems was the absence of a <a href="/wiki/Central_bank" title="Central bank">central bank</a> in the United States. European states were able to extend the <a href="/wiki/Money_supply" title="Money supply">supply of money</a> 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 <a href="/wiki/Jacob_Schiff" title="Jacob Schiff">Jacob Schiff</a> of <a href="/wiki/Kuhn,_Loeb_%26_Co." title="Kuhn, Loeb & Co.">Kuhn, Loeb & Co.</a> 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".<sup id="cite_ref-70" class="reference"><a href="#cite_note-70"><span class="cite-bracket">[</span>66<span class="cite-bracket">]</span></a></sup> </p><p>In 1908: <a href="/wiki/Frank_A._Vanderlip" title="Frank A. Vanderlip">Frank A. Vanderlip</a> led a U.S. business delegation to Japan to meet with Japanese financial leaders including Taka Kawada, <a href="/wiki/Shibusawa_Eiichi" title="Shibusawa Eiichi">Shibusawa Eiichi</a> and his son Shibusawa Masao, also founding members of <a href="/wiki/Mitsui_%26_Co." title="Mitsui & Co.">Mitsui & Co.</a>, <a href="/wiki/Dan_Takuma" title="Dan Takuma">Takuma Dan</a> & <a href="/wiki/Mitsui_Hachir%C5%8Demon" title="Mitsui Hachirōemon">Takamine Mitsui</a> with the goal allying with Japan to resolve the Panic of 1907 and the unstable U.S. stock market.<sup id="cite_ref-71" class="reference"><a href="#cite_note-71"><span class="cite-bracket">[</span>67<span class="cite-bracket">]</span></a></sup> </p><p>Aldrich convened a secret conference with a number of the nation's leading financiers at the <a href="/wiki/Jekyll_Island_Club" title="Jekyll Island Club">Jekyll Island Club</a>, off the coast of <a href="/wiki/Georgia_(U.S._state)" title="Georgia (U.S. state)">Georgia</a>, to discuss monetary policy and the banking system in November 1910. Aldrich and <a href="/wiki/Abram_Andrew" class="mw-redirect" title="Abram Andrew">A. P. Andrew</a> (Assistant Secretary of the Treasury Department), <a href="/wiki/Paul_Warburg" title="Paul Warburg">Paul Warburg</a> (representing Kuhn, Loeb & Co.), <a href="/wiki/Frank_A._Vanderlip" title="Frank A. Vanderlip">Frank A. Vanderlip</a> (James Stillman's successor as president of the National City Bank of New York), <a href="/wiki/Henry_P._Davison" class="mw-redirect" title="Henry P. Davison">Henry P. Davison</a> (senior partner of J. P. Morgan Company), <a href="/wiki/Charles_D._Norton" title="Charles D. Norton">Charles D. Norton</a> (president of the Morgan-dominated First National Bank of New York), and <a href="/wiki/Benjamin_Strong" class="mw-redirect" title="Benjamin Strong">Benjamin Strong</a> (representing J. P. Morgan), produced a design for a "National Reserve Bank".<sup id="cite_ref-72" class="reference"><a href="#cite_note-72"><span class="cite-bracket">[</span>68<span class="cite-bracket">]</span></a></sup> </p><p>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 <a href="/wiki/Federal_Reserve_Act" title="Federal Reserve Act">Federal Reserve Act</a>. President <a href="/wiki/Woodrow_Wilson" title="Woodrow Wilson">Woodrow Wilson</a> signed the legislation immediately, and the legislation was enacted on the same day, creating the <a href="/wiki/Federal_Reserve_System" class="mw-redirect" title="Federal Reserve System">Federal Reserve System</a>.<sup id="cite_ref-BC146_73-0" class="reference"><a href="#cite_note-BC146-73"><span class="cite-bracket">[</span>69<span class="cite-bracket">]</span></a></sup> <a href="/wiki/Charles_Sumner_Hamlin" title="Charles Sumner Hamlin">Charles Hamlin</a> became the Fed's first chairman, and none other than Morgan's deputy <a href="/wiki/Benjamin_Strong" class="mw-redirect" title="Benjamin Strong">Benjamin Strong</a> became president of the <a href="/wiki/Federal_Reserve_Bank_of_New_York" title="Federal Reserve Bank of New York">Federal Reserve Bank of New York</a>, the most important regional bank, with a permanent seat on the <a href="/wiki/Federal_Open_Market_Committee" title="Federal Open Market Committee">Federal Open Market Committee</a>.<sup id="cite_ref-BC146_73-1" class="reference"><a href="#cite_note-BC146-73"><span class="cite-bracket">[</span>69<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Pujo_Committee">Pujo Committee</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Panic_of_1907&action=edit&section=12" title="Edit section: Pujo Committee"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Main article: <a href="/wiki/Pujo_Committee" title="Pujo Committee">Pujo Committee</a></div> <figure class="mw-default-size" typeof="mw:File/Thumb"><a href="/wiki/File:The_Central_Bank_Morgan_cartoon-1.png" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/7/7e/The_Central_Bank_Morgan_cartoon-1.png/170px-The_Central_Bank_Morgan_cartoon-1.png" decoding="async" width="170" height="231" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/7/7e/The_Central_Bank_Morgan_cartoon-1.png/255px-The_Central_Bank_Morgan_cartoon-1.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/7/7e/The_Central_Bank_Morgan_cartoon-1.png/340px-The_Central_Bank_Morgan_cartoon-1.png 2x" data-file-width="359" data-file-height="488" /></a><figcaption>Cartoon of J. P. Morgan seizing control of banks.<sup id="cite_ref-74" class="reference"><a href="#cite_note-74"><span class="cite-bracket">[</span>n 5<span class="cite-bracket">]</span></a></sup></figcaption></figure> <p>Although Morgan was briefly seen as a hero, widespread fears concerning <a href="/wiki/Plutocracy" title="Plutocracy">plutocracy</a> 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.<sup id="cite_ref-75" class="reference"><a href="#cite_note-75"><span class="cite-bracket">[</span>70<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-76" class="reference"><a href="#cite_note-76"><span class="cite-bracket">[</span>71<span class="cite-bracket">]</span></a></sup> Others believed Morgan took advantage of the panic to allow his U.S. Steel company to acquire TC&I.<sup id="cite_ref-77" class="reference"><a href="#cite_note-77"><span class="cite-bracket">[</span>72<span class="cite-bracket">]</span></a></sup> 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.<sup id="cite_ref-Chernow1990_62-1" class="reference"><a href="#cite_note-Chernow1990-62"><span class="cite-bracket">[</span>58<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-78" class="reference"><a href="#cite_note-78"><span class="cite-bracket">[</span>73<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-79" class="reference"><a href="#cite_note-79"><span class="cite-bracket">[</span>74<span class="cite-bracket">]</span></a></sup> </p><p>The chair of the <a href="/wiki/United_States_House_Committee_on_Banking_and_Currency" class="mw-redirect" title="United States House Committee on Banking and Currency">House Committee on Banking and Currency</a>, Representative <a href="/wiki/Ars%C3%A8ne_Pujo" title="Arsène Pujo">Arsène Pujo</a> (<a href="/wiki/Democratic_party_(United_States)" class="mw-redirect" title="Democratic party (United States)">D</a>–<a href="/wiki/Louisiana" title="Louisiana">La.</a> <a href="/wiki/Louisiana%27s_7th_congressional_district" title="Louisiana's 7th congressional district">7th</a>), convened a special committee to investigate a "money trust", the <i>de facto</i> 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 <a href="/wiki/J._P._Morgan_%26_Co." class="mw-redirect" title="J. P. Morgan & Co.">J. P. Morgan & Co.</a> also sat on the boards of directors of 112 corporations with a market capitalization of $22.5 billion (the total capitalization of the <a href="/wiki/New_York_Stock_Exchange" title="New York Stock Exchange">New York Stock Exchange</a> was then estimated at $26.5 billion).<sup id="cite_ref-80" class="reference"><a href="#cite_note-80"><span class="cite-bracket">[</span>75<span class="cite-bracket">]</span></a></sup> </p><p>Although suffering ill health, J. P. Morgan testified before the Pujo Committee and faced several days of questioning from <a href="/wiki/Samuel_Untermyer" title="Samuel Untermyer">Samuel Untermyer</a>. 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:<sup id="cite_ref-BC1823_81-0" class="reference"><a href="#cite_note-BC1823-81"><span class="cite-bracket">[</span>76<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-82" class="reference"><a href="#cite_note-82"><span class="cite-bracket">[</span>77<span class="cite-bracket">]</span></a></sup> </p> <div class="poem"> <p><span class="mw-poem-indented" style="display: inline-block; margin-inline-start: 1em;"><b>Untermyer:</b> Is not commercial credit based primarily upon money or property?</span><br /> <span class="mw-poem-indented" style="display: inline-block; margin-inline-start: 1em;"><b>Morgan:</b> No, sir. The first thing is character.</span><br /> <span class="mw-poem-indented" style="display: inline-block; margin-inline-start: 1em;"><b>Untermyer:</b> Before money or property?</span><br /> <span class="mw-poem-indented" style="display: inline-block; margin-inline-start: 1em;"><b>Morgan:</b> 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.<sup id="cite_ref-BC1823_81-1" class="reference"><a href="#cite_note-BC1823-81"><span class="cite-bracket">[</span>76<span class="cite-bracket">]</span></a></sup></span> </p> </div> <p>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 <a href="/wiki/Lender_of_last_resort" title="Lender of last resort">lender of last resort</a>.<sup id="cite_ref-BC1823_81-2" class="reference"><a href="#cite_note-BC1823-81"><span class="cite-bracket">[</span>76<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="See_also">See also</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Panic_of_1907&action=edit&section=13" title="Edit section: See also"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1259569809">.mw-parser-output .portalbox{padding:0;margin:0.5em 0;display:table;box-sizing:border-box;max-width:175px;list-style:none}.mw-parser-output .portalborder{border:1px solid var(--border-color-base,#a2a9b1);padding:0.1em;background:var(--background-color-neutral-subtle,#f8f9fa)}.mw-parser-output .portalbox-entry{display:table-row;font-size:85%;line-height:110%;height:1.9em;font-style:italic;font-weight:bold}.mw-parser-output .portalbox-image{display:table-cell;padding:0.2em;vertical-align:middle;text-align:center}.mw-parser-output .portalbox-link{display:table-cell;padding:0.2em 0.2em 0.2em 0.3em;vertical-align:middle}@media(min-width:720px){.mw-parser-output .portalleft{clear:left;float:left;margin:0.5em 1em 0.5em 0}.mw-parser-output .portalright{clear:right;float:right;margin:0.5em 0 0.5em 1em}}</style><ul role="navigation" aria-label="Portals" class="noprint portalbox portalborder portalright"> <li class="portalbox-entry"><span class="portalbox-image"><span class="noviewer" typeof="mw:File"><span><img alt="icon" src="//upload.wikimedia.org/wikipedia/commons/thumb/9/9d/All-currency-symbol.svg/28px-All-currency-symbol.svg.png" decoding="async" width="28" height="28" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/9/9d/All-currency-symbol.svg/42px-All-currency-symbol.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/9/9d/All-currency-symbol.svg/56px-All-currency-symbol.svg.png 2x" data-file-width="54" data-file-height="54" /></span></span></span><span class="portalbox-link"><a href="/wiki/Portal:Banks" title="Portal:Banks">Banks portal</a></span></li></ul> <ul><li><a href="/wiki/Mercantile_National_Bank_Building" title="Mercantile National Bank Building">Mercantile National Bank Building</a></li> <li><a href="https://en.wikisource.org/wiki/A_Central_Bank_as_a_Menace_to_Liberty" class="extiw" title="wikisource:A Central Bank as a Menace to Liberty">A Central Bank as a Menace to Liberty</a>, by <a href="https://en.wikisource.org/wiki/Author:George_Howard_Earle,_Jr." class="extiw" title="wikisource:Author:George Howard Earle, Jr.">George H. Earle Jr.</a>—Philadelphia lawyer and businessman. (1908)</li></ul> <div class="mw-heading mw-heading2"><h2 id="Notes">Notes</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Panic_of_1907&action=edit&section=14" title="Edit section: Notes"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1239543626">.mw-parser-output .reflist{margin-bottom:0.5em;list-style-type:decimal}@media screen{.mw-parser-output .reflist{font-size:90%}}.mw-parser-output .reflist .references{font-size:100%;margin-bottom:0;list-style-type:inherit}.mw-parser-output .reflist-columns-2{column-width:30em}.mw-parser-output .reflist-columns-3{column-width:25em}.mw-parser-output .reflist-columns{margin-top:0.3em}.mw-parser-output .reflist-columns ol{margin-top:0}.mw-parser-output .reflist-columns li{page-break-inside:avoid;break-inside:avoid-column}.mw-parser-output .reflist-upper-alpha{list-style-type:upper-alpha}.mw-parser-output .reflist-upper-roman{list-style-type:upper-roman}.mw-parser-output .reflist-lower-alpha{list-style-type:lower-alpha}.mw-parser-output .reflist-lower-greek{list-style-type:lower-greek}.mw-parser-output .reflist-lower-roman{list-style-type:lower-roman}</style><div class="reflist"> <div class="mw-references-wrap"><ol class="references"> <li id="cite_note-20"><span class="mw-cite-backlink"><b><a href="#cite_ref-20">^</a></b></span> <span class="reference-text"> This curb market later became the <a href="/wiki/American_Stock_Exchange" class="mw-redirect" title="American Stock Exchange">American Stock Exchange</a>.</span> </li> <li id="cite_note-35"><span class="mw-cite-backlink"><b><a href="#cite_ref-35">^</a></b></span> <span class="reference-text">He had rescued the <a href="/wiki/U.S._Treasury" class="mw-redirect" title="U.S. Treasury">U.S. Treasury</a> during the <a href="/wiki/Panic_of_1893" title="Panic of 1893">Panic of 1893</a>.</span> </li> <li id="cite_note-44"><span class="mw-cite-backlink"><b><a href="#cite_ref-44">^</a></b></span> <span class="reference-text">Here trading nearly collapsed at the end of October as banks were reluctant to lend.</span> </li> <li id="cite_note-59"><span class="mw-cite-backlink"><b><a href="#cite_ref-59">^</a></b></span> <span class="reference-text">He is commanding two bears symbolize "Interstate Commerce Commission" and "Federal Courts". From <i>Puck</i>, May 8, 1907.</span> </li> <li id="cite_note-74"><span class="mw-cite-backlink"><b><a href="#cite_ref-74">^</a></b></span> <span class="reference-text">A February 2, 1910, editorial cartoon in <i><a href="/wiki/Puck_(magazine)" title="Puck (magazine)">Puck</a></i> titled: "The Central Bank—Why should Uncle Sam establish one, when <a href="/wiki/J._P._Morgan" title="J. P. Morgan">Uncle Pierpont</a> is already on the job?"</span> </li> </ol></div></div> <div class="mw-heading mw-heading2"><h2 id="References">References</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Panic_of_1907&action=edit&section=15" title="Edit section: References"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1239543626"><div class="reflist reflist-columns references-column-width" style="column-width: 30em;"> <ol class="references"> <li id="cite_note-1"><span class="mw-cite-backlink"><b><a href="#cite_ref-1">^</a></b></span> <span class="reference-text"><style data-mw-deduplicate="TemplateStyles:r1238218222">.mw-parser-output cite.citation{font-style:inherit;word-wrap:break-word}.mw-parser-output .citation q{quotes:"\"""\"""'""'"}.mw-parser-output .citation:target{background-color:rgba(0,127,255,0.133)}.mw-parser-output .id-lock-free.id-lock-free a{background:url("//upload.wikimedia.org/wikipedia/commons/6/65/Lock-green.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-limited.id-lock-limited a,.mw-parser-output .id-lock-registration.id-lock-registration a{background:url("//upload.wikimedia.org/wikipedia/commons/d/d6/Lock-gray-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-subscription.id-lock-subscription a{background:url("//upload.wikimedia.org/wikipedia/commons/a/aa/Lock-red-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .cs1-ws-icon a{background:url("//upload.wikimedia.org/wikipedia/commons/4/4c/Wikisource-logo.svg")right 0.1em center/12px no-repeat}body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-free a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-limited a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-registration a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-subscription a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .cs1-ws-icon a{background-size:contain;padding:0 1em 0 0}.mw-parser-output .cs1-code{color:inherit;background:inherit;border:none;padding:inherit}.mw-parser-output .cs1-hidden-error{display:none;color:var(--color-error,#d33)}.mw-parser-output .cs1-visible-error{color:var(--color-error,#d33)}.mw-parser-output .cs1-maint{display:none;color:#085;margin-left:0.3em}.mw-parser-output .cs1-kern-left{padding-left:0.2em}.mw-parser-output .cs1-kern-right{padding-right:0.2em}.mw-parser-output .citation .mw-selflink{font-weight:inherit}@media screen{.mw-parser-output .cs1-format{font-size:95%}html.skin-theme-clientpref-night .mw-parser-output .cs1-maint{color:#18911f}}@media screen and (prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .cs1-maint{color:#18911f}}</style><cite class="citation news cs1"><a rel="nofollow" class="external text" href="http://nla.gov.au/nla.news-article41473783">"AMERICAN BANKS "IN THE JUNGLE"<span class="cs1-kern-right"></span>"</a>. <i><a href="/wiki/The_Advertiser_(Adelaide)" title="The Advertiser (Adelaide)">The Advertiser</a></i>. Adelaide. March 16, 1933. p. 8<span class="reference-accessdate">. Retrieved <span class="nowrap">November 22,</span> 2012</span> – via National Library of Australia.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=The+Advertiser&rft.atitle=AMERICAN+BANKS+%22IN+THE+JUNGLE%22.&rft.pages=8&rft.date=1933-03-16&rft_id=http%3A%2F%2Fnla.gov.au%2Fnla.news-article41473783&rfr_id=info%3Asid%2Fen.wikipedia.org%3APanic+of+1907" class="Z3988"></span></span> </li> <li id="cite_note-2"><span class="mw-cite-backlink"><b><a href="#cite_ref-2">^</a></b></span> <span class="reference-text">Yale M. Braunstein, <a rel="nofollow" class="external text" href="http://people.ischool.berkeley.edu/~bigyale/fin_meltdown/InformationFailures_080409_color.ppt">"The Role of Information Failures in the Financial Meltdown"</a> <a rel="nofollow" class="external text" href="https://web.archive.org/web/20091222041754/http://people.ischool.berkeley.edu/~bigyale/fin_meltdown/InformationFailures_080409_color.ppt">Archived</a> December 22, 2009, at the <a href="/wiki/Wayback_Machine" title="Wayback Machine">Wayback Machine</a>, School of Information, UC Berkeley, Summer 2009</span> </li> <li id="cite_note-3"><span class="mw-cite-backlink"><b><a href="#cite_ref-3">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.morningstar.com/features/what-prior-market-crashes-can-teach-us-in-2020">"What Prior Market Crashes Can Teach Us About Navigating the Current One"</a>. <i>Morningstar, Inc</i><span class="reference-accessdate">. Retrieved <span class="nowrap">June 25,</span> 2020</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=Morningstar%2C+Inc.&rft.atitle=What+Prior+Market+Crashes+Can+Teach+Us+About+Navigating+the+Current+One&rft_id=https%3A%2F%2Fwww.morningstar.com%2Ffeatures%2Fwhat-prior-market-crashes-can-teach-us-in-2020&rfr_id=info%3Asid%2Fen.wikipedia.org%3APanic+of+1907" class="Z3988"></span></span> </li> <li id="cite_note-FDS-H-04-4"><span class="mw-cite-backlink"><b><a href="#cite_ref-FDS-H-04_4-0">^</a></b></span> <span class="reference-text"><a rel="nofollow" class="external text" href="http://www.u-s-history.com/pages/h952.html">Panic of 1907: J.P. Morgan Saves the Day</a></span> </li> <li id="cite_note-FDS-H-05-5"><span class="mw-cite-backlink"><b><a href="#cite_ref-FDS-H-05_5-0">^</a></b></span> <span class="reference-text"><a rel="nofollow" class="external text" href="http://minneapolisfed.org/publications_papers/pub_display.cfm?id=3816">Born of a Panic: Forming the Fed System</a></span> </li> <li id="cite_note-FDS-H-06-6"><span class="mw-cite-backlink"><b><a href="#cite_ref-FDS-H-06_6-0">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFTucker,_Abigail2008" class="citation web cs1">Tucker, Abigail (October 9, 2008). <a rel="nofollow" class="external text" href="http://www.smithsonianmag.com/history/the-financial-panic-of-1907-running-from-history-82176328/">"The Financial Panic of 1907: Running from History"</a>. <i>Smithsonian Magazine</i><span class="reference-accessdate">. Retrieved <span class="nowrap">September 27,</span> 2017</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=Smithsonian+Magazine&rft.atitle=The+Financial+Panic+of+1907%3A+Running+from+History&rft.date=2008-10-09&rft.au=Tucker%2C+Abigail&rft_id=http%3A%2F%2Fwww.smithsonianmag.com%2Fhistory%2Fthe-financial-panic-of-1907-running-from-history-82176328%2F&rfr_id=info%3Asid%2Fen.wikipedia.org%3APanic+of+1907" class="Z3988"></span></span> </li> <li id="cite_note-7"><span class="mw-cite-backlink"><b><a href="#cite_ref-7">^</a></b></span> <span class="reference-text"><a href="#CITEREFTallmanMoen1990">Tallman & Moen 1990</a>, pp. 3–4</span> </li> <li id="cite_note-8"><span class="mw-cite-backlink"><b><a href="#cite_ref-8">^</a></b></span> <span class="reference-text"><a href="#CITEREFOdellWeidenmier2004">Odell & Weidenmier 2004</a></span> </li> <li id="cite_note-9"><span class="mw-cite-backlink"><b><a href="#cite_ref-9">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://web.archive.org/web/20230608115506/https://saffo.com/wp-content/uploads/2012/01/HIghTech_Quake2.pdf">"Paul Saffo, ABC News (April 17, 2008)"</a> <span class="cs1-format">(PDF)</span>. Archived from <a rel="nofollow" class="external text" href="http://saffo.com/wp-content/uploads/2012/01/HIghTech_Quake2.pdf">the original</a> <span class="cs1-format">(PDF)</span> on June 8, 2023<span class="reference-accessdate">. Retrieved <span class="nowrap">August 30,</span> 2015</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Paul+Saffo%2C+ABC+News+%28April+17%2C+2008%29&rft_id=http%3A%2F%2Fsaffo.com%2Fwp-content%2Fuploads%2F2012%2F01%2FHIghTech_Quake2.pdf&rfr_id=info%3Asid%2Fen.wikipedia.org%3APanic+of+1907" class="Z3988"></span></span> </li> <li id="cite_note-Moen1990-10"><span class="mw-cite-backlink">^ <a href="#cite_ref-Moen1990_10-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-Moen1990_10-1"><sup><i><b>b</b></i></sup></a></span> <span class="reference-text"><a href="#CITEREFTallmanMoen1990">Tallman & Moen 1990</a>, p. 4</span> </li> <li id="cite_note-Noyes1909-11"><span class="mw-cite-backlink">^ <a href="#cite_ref-Noyes1909_11-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-Noyes1909_11-1"><sup><i><b>b</b></i></sup></a></span> <span class="reference-text"><a href="#CITEREFNoyes1909">Noyes 1909</a>, pp. 361–2</span> </li> <li id="cite_note-12"><span class="mw-cite-backlink"><b><a href="#cite_ref-12">^</a></b></span> <span class="reference-text"><a href="#CITEREFEdwards1907">Edwards 1907</a>, p. 66</span> </li> <li id="cite_note-13"><span class="mw-cite-backlink"><b><a href="#cite_ref-13">^</a></b></span> <span class="reference-text">As measured by an index of all listed stocks, according to <a href="#CITEREFBrunerCarr2007">Bruner & Carr 2007</a>, p. 19</span> </li> <li id="cite_note-14"><span class="mw-cite-backlink"><b><a href="#cite_ref-14">^</a></b></span> <span class="reference-text"><a href="#CITEREFBrunerCarr2007">Bruner & Carr 2007</a>, p. 20</span> </li> <li id="cite_note-Aliber2005-15"><span class="mw-cite-backlink">^ <a href="#cite_ref-Aliber2005_15-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-Aliber2005_15-1"><sup><i><b>b</b></i></sup></a></span> <span class="reference-text"><a href="#CITEREFKindlebergerAliber2005">Kindleberger & Aliber 2005</a>, p. 102</span> </li> <li id="cite_note-16"><span class="mw-cite-backlink"><b><a href="#cite_ref-16">^</a></b></span> <span class="reference-text"><a href="#CITEREFBrunerCarr2007">Bruner & Carr 2007</a>, p. 32</span> </li> <li id="cite_note-17"><span class="mw-cite-backlink"><b><a href="#cite_ref-17">^</a></b></span> <span class="reference-text"><a href="#CITEREFBrunerCarr2007">Bruner & Carr 2007</a>, p. 31</span> </li> <li id="cite_note-18"><span class="mw-cite-backlink"><b><a href="#cite_ref-18">^</a></b></span> <span class="reference-text">Distilled from <a href="#CITEREFBrunerCarr2007">Bruner & Carr 2007</a></span> </li> <li id="cite_note-19"><span class="mw-cite-backlink"><b><a href="#cite_ref-19">^</a></b></span> <span class="reference-text"><a href="#CITEREFBrunerCarr2007">Bruner & Carr 2007</a>, pp. 38–40</span> </li> <li id="cite_note-21"><span class="mw-cite-backlink"><b><a href="#cite_ref-21">^</a></b></span> <span class="reference-text"><a href="#CITEREFBrunerCarr2007">Bruner & Carr 2007</a>, pp. 43–44</span> </li> <li id="cite_note-22"><span class="mw-cite-backlink"><b><a href="#cite_ref-22">^</a></b></span> <span class="reference-text"><a href="#CITEREFBrunerCarr2007">Bruner & Carr 2007</a>, p. 45</span> </li> <li id="cite_note-23"><span class="mw-cite-backlink"><b><a href="#cite_ref-23">^</a></b></span> <span class="reference-text"><a href="#CITEREFBrunerCarr2007">Bruner & Carr 2007</a>, pp. 47–48</span> </li> <li id="cite_note-24"><span class="mw-cite-backlink"><b><a href="#cite_ref-24">^</a></b></span> <span class="reference-text"><a href="#CITEREFBrunerCarr2007">Bruner & Carr 2007</a>, p. 49</span> </li> <li id="cite_note-25"><span class="mw-cite-backlink"><b><a href="#cite_ref-25">^</a></b></span> <span class="reference-text"><a href="#CITEREFBrunerCarr2007">Bruner & Carr 2007</a>, pp. 51–55</span> </li> <li id="cite_note-26"><span class="mw-cite-backlink"><b><a href="#cite_ref-26">^</a></b></span> <span class="reference-text"><a href="#CITEREFBrunerCarr2007">Bruner 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href="https://web.archive.org/web/20170207115915/http://digital.library.pitt.edu/cgi-bin/chronology/chronology_driver.pl?q=exchange&op1=AND&q2=&op2=AND&q3=&searchtype=single&year=&month=&day=&year1=1717&month1=1&day1=1&year2=2011&month2=12&day2=31&start_line=0&page=adv">Archived</a> February 7, 2017, at the <a href="/wiki/Wayback_Machine" title="Wayback Machine">Wayback Machine</a></span> </li> <li id="cite_note-29"><span class="mw-cite-backlink"><b><a href="#cite_ref-29">^</a></b></span> <span class="reference-text"><a href="#CITEREFMoenTallman1992">Moen & Tallman 1992</a>, p. 612</span> </li> <li id="cite_note-30"><span class="mw-cite-backlink"><b><a href="#cite_ref-30">^</a></b></span> <span class="reference-text"><a href="#CITEREFBrunerCarr2007">Bruner & Carr 2007</a>, p. 68</span> </li> <li id="cite_note-31"><span class="mw-cite-backlink"><b><a href="#cite_ref-31">^</a></b></span> <span class="reference-text"><a href="#CITEREFBrunerCarr2007">Bruner & Carr 2007</a>, p. 79</span> </li> <li id="cite_note-32"><span class="mw-cite-backlink"><b><a href="#cite_ref-32">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation news cs1"><a rel="nofollow" class="external text" href="http://nla.gov.au/nla.news-article34592234">"WHEN THE POUND SAVED THE DOLLAR"</a>. <i><a href="/wiki/Western_Argus" title="Western Argus">Western Argus</a></i>. 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href="#CITEREFBrunerCarr2007">Bruner & Carr 2007</a>, pp. 83–86</span> </li> <li id="cite_note-37"><span class="mw-cite-backlink"><b><a href="#cite_ref-37">^</a></b></span> <span class="reference-text"><a href="#CITEREFChernow1990">Chernow 1990</a>, p. 123</span> </li> <li id="cite_note-38"><span class="mw-cite-backlink"><b><a href="#cite_ref-38">^</a></b></span> <span class="reference-text"><a href="#CITEREFBrunerCarr2007">Bruner & Carr 2007</a>, pp. 87–88</span> </li> <li id="cite_note-39"><span class="mw-cite-backlink"><b><a href="#cite_ref-39">^</a></b></span> <span class="reference-text"><a href="#CITEREFBrunerCarr2007">Bruner & Carr 2007</a>, p. 93</span> </li> <li id="cite_note-Moen1990b-40"><span class="mw-cite-backlink">^ <a href="#cite_ref-Moen1990b_40-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-Moen1990b_40-1"><sup><i><b>b</b></i></sup></a></span> <span class="reference-text"><a href="#CITEREFTallmanMoen1990">Tallman & Moen 1990</a>, p. 8</span> </li> <li id="cite_note-41"><span class="mw-cite-backlink"><b><a href="#cite_ref-41">^</a></b></span> <span class="reference-text"><a href="#CITEREFChernow1998">Chernow 1998</a>, pp. 542–44</span> </li> <li id="cite_note-42"><span class="mw-cite-backlink"><b><a href="#cite_ref-42">^</a></b></span> <span class="reference-text"><a href="#CITEREFBrunerCarr2007">Bruner & Carr 2007</a>, p. 99</span> </li> <li id="cite_note-43"><span class="mw-cite-backlink"><b><a href="#cite_ref-43">^</a></b></span> <span class="reference-text"><a href="#CITEREFChernow1990">Chernow 1990</a>, p. 125</span> </li> <li id="cite_note-45"><span class="mw-cite-backlink"><b><a href="#cite_ref-45">^</a></b></span> <span class="reference-text"><a href="#CITEREFBrunerCarr2007">Bruner & Carr 2007</a>, pp. 100–01</span> </li> <li id="cite_note-46"><span class="mw-cite-backlink"><b><a href="#cite_ref-46">^</a></b></span> <span class="reference-text"><a href="#CITEREFBrunerCarr2007">Bruner & Carr 2007</a>, pp. 102–03</span> </li> <li id="cite_note-47"><span class="mw-cite-backlink"><b><a href="#cite_ref-47">^</a></b></span> <span class="reference-text"><a href="#CITEREFBrunerCarr2007">Bruner & Carr 2007</a>, pp. 103–07</span> </li> <li id="cite_note-48"><span class="mw-cite-backlink"><b><a href="#cite_ref-48">^</a></b></span> <span class="reference-text"><a href="#CITEREFBrunerCarr2007">Bruner & Carr 2007</a>, p. 108</span> </li> <li id="cite_note-Chernow_1990_p=126-49"><span class="mw-cite-backlink">^ <a href="#cite_ref-Chernow_1990_p=126_49-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-Chernow_1990_p=126_49-1"><sup><i><b>b</b></i></sup></a></span> <span class="reference-text"><a href="#CITEREFChernow1990">Chernow 1990</a>, p. 126</span> </li> <li id="cite_note-50"><span class="mw-cite-backlink"><b><a href="#cite_ref-50">^</a></b></span> <span class="reference-text"><a href="#CITEREFTallmanMoen1990">Tallman & Moen 1990</a>, p. 9</span> </li> <li id="cite_note-51"><span class="mw-cite-backlink"><b><a href="#cite_ref-51">^</a></b></span> <span class="reference-text"><a href="#CITEREFBrunerCarr2007">Bruner & Carr 2007</a>, p. 111</span> </li> <li id="cite_note-52"><span class="mw-cite-backlink"><b><a href="#cite_ref-52">^</a></b></span> <span class="reference-text"><a href="#CITEREFBrunerCarr2007">Bruner & Carr 2007</a>, pp. 111–12</span> </li> <li id="cite_note-53"><span class="mw-cite-backlink"><b><a href="#cite_ref-53">^</a></b></span> <span class="reference-text"><a href="#CITEREFBrunerCarr2007">Bruner & Carr 2007</a>, p. 116</span> </li> <li id="cite_note-54"><span class="mw-cite-backlink"><b><a href="#cite_ref-54">^</a></b></span> <span class="reference-text"><a href="#CITEREFBrunerCarr2007">Bruner & Carr 2007</a>, pp. 116–117</span> </li> <li id="cite_note-55"><span class="mw-cite-backlink"><b><a href="#cite_ref-55">^</a></b></span> <span class="reference-text"><a href="#CITEREFBrunerCarr2007">Bruner & Carr 2007</a>, p. 122</span> </li> <li id="cite_note-56"><span class="mw-cite-backlink"><b><a href="#cite_ref-56">^</a></b></span> <span class="reference-text"><a href="#CITEREFBrunerCarr2007">Bruner & Carr 2007</a>, p. 124</span> </li> <li id="cite_note-Chernow_1990_p=127-57"><span class="mw-cite-backlink">^ <a href="#cite_ref-Chernow_1990_p=127_57-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-Chernow_1990_p=127_57-1"><sup><i><b>b</b></i></sup></a></span> <span class="reference-text"><a href="#CITEREFChernow1990">Chernow 1990</a>, p. 127</span> </li> <li id="cite_note-58"><span class="mw-cite-backlink"><b><a href="#cite_ref-58">^</a></b></span> <span class="reference-text"><a href="#CITEREFBrunerCarr2007">Bruner & Carr 2007</a>, pp. 124–127</span> </li> <li id="cite_note-60"><span class="mw-cite-backlink"><b><a href="#cite_ref-60">^</a></b></span> <span class="reference-text"><a href="#CITEREFBrunerCarr2007">Bruner & Carr 2007</a>, p. 131</span> </li> <li id="cite_note-Carr2007-61"><span class="mw-cite-backlink">^ <a href="#cite_ref-Carr2007_61-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-Carr2007_61-1"><sup><i><b>b</b></i></sup></a></span> <span class="reference-text"><a href="#CITEREFBrunerCarr2007">Bruner & Carr 2007</a>, p. 132</span> </li> <li id="cite_note-Chernow1990-62"><span class="mw-cite-backlink">^ <a href="#cite_ref-Chernow1990_62-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-Chernow1990_62-1"><sup><i><b>b</b></i></sup></a></span> <span class="reference-text"><a href="#CITEREFChernow1990">Chernow 1990</a>, pp. 128–29</span> </li> <li id="cite_note-63"><span class="mw-cite-backlink"><b><a href="#cite_ref-63">^</a></b></span> <span class="reference-text"><a href="#CITEREFBrunerCarr2007">Bruner & Carr 2007</a>, p. 133</span> </li> <li id="cite_note-64"><span class="mw-cite-backlink"><b><a href="#cite_ref-64">^</a></b></span> <span class="reference-text"><a href="#CITEREFBrunerCarr2007">Bruner & Carr 2007</a>, pp. 132–33</span> </li> <li id="cite_note-65"><span class="mw-cite-backlink"><b><a href="#cite_ref-65">^</a></b></span> <span class="reference-text"><a rel="nofollow" class="external text" href="https://www.nber.org/cycles/cyclesmain.html">US Business Cycle Expansions and Contractions</a>, <a href="/wiki/National_Bureau_of_Economic_Research" title="National Bureau of Economic Research">National Bureau of Economic Research</a>. 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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"</a>. <i>TheEmperorandtheSpy.com</i>. 2020.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=TheEmperorandtheSpy.com&rft.atitle=1908+Photo%3A+Frank+A.+Vanderlip+leads+a+U.S.+business+delegation+to+Japan+to+meet+with+Japanese+business+leaders+including+Shibusawa+Eiichi+and+representatives+of+Mitsui+%26+Co.+for+their+assistance+in+resolving+The+Panic+of+1907+and+the+unstable+U.S.+Stock+Market.&rft.date=2020&rft_id=https%3A%2F%2Ftheemperorandthespy.com%2F2020%2F02%2Fhistory-has-its-mysteries-recently-discovered-1908-photo-frank-a-vanderlip-the-future-president-of-japan-society-of-new-york-city-leads-the-first-formal-u-s-business-delegation-to-japan-to-meet-w%2F&rfr_id=info%3Asid%2Fen.wikipedia.org%3APanic+of+1907" class="Z3988"></span></span> </li> <li id="cite_note-72"><span class="mw-cite-backlink"><b><a href="#cite_ref-72">^</a></b></span> <span class="reference-text"><a href="#CITEREFBrunerCarr2007">Bruner & Carr 2007</a>, p. 143</span> </li> <li id="cite_note-BC146-73"><span class="mw-cite-backlink">^ <a href="#cite_ref-BC146_73-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-BC146_73-1"><sup><i><b>b</b></i></sup></a></span> <span class="reference-text"><a href="#CITEREFBrunerCarr2007">Bruner & Carr 2007</a>, p. 146</span> </li> <li id="cite_note-75"><span class="mw-cite-backlink"><b><a href="#cite_ref-75">^</a></b></span> <span class="reference-text"><a href="#CITEREFMcNelis1969">McNelis 1969</a>, pp. 154–67</span> </li> <li id="cite_note-76"><span class="mw-cite-backlink"><b><a href="#cite_ref-76">^</a></b></span> <span class="reference-text"><a href="#CITEREFChernow1990">Chernow 1990</a>, pp. 122–123</span> </li> <li id="cite_note-77"><span class="mw-cite-backlink"><b><a href="#cite_ref-77">^</a></b></span> <span class="reference-text"><a href="#CITEREFChernow1990">Chernow 1990</a>, p. 148</span> </li> <li id="cite_note-78"><span class="mw-cite-backlink"><b><a href="#cite_ref-78">^</a></b></span> <span class="reference-text"><a href="/wiki/Strouse,_Jean" class="mw-redirect" title="Strouse, Jean">Jean Strouse</a>. "<a rel="nofollow" class="external text" href="https://www.washingtonpost.com/wp-dyn/content/article/2008/09/26/AR2008092602837.html">Here's How It's Done, Hank: A Parable From a Crisis of a Century Ago</a>". <i><a href="/wiki/The_Washington_Post" title="The Washington Post">The Washington Post</a></i> (September 28, 2008), p. b1. Retrieved on September 30, 2008.</span> </li> <li id="cite_note-79"><span class="mw-cite-backlink"><b><a href="#cite_ref-79">^</a></b></span> <span class="reference-text"><a href="#CITEREFBrunerCarr2007">Bruner & Carr 2007</a>, p. 182</span> </li> <li id="cite_note-80"><span class="mw-cite-backlink"><b><a href="#cite_ref-80">^</a></b></span> <span class="reference-text"><a href="#CITEREFBrunerCarr2007">Bruner & Carr 2007</a>, p. 148</span> </li> <li id="cite_note-BC1823-81"><span class="mw-cite-backlink">^ <a href="#cite_ref-BC1823_81-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-BC1823_81-1"><sup><i><b>b</b></i></sup></a> <a href="#cite_ref-BC1823_81-2"><sup><i><b>c</b></i></sup></a></span> <span class="reference-text"><a href="#CITEREFBrunerCarr2007">Bruner & Carr 2007</a>, pp. 182–83</span> </li> <li id="cite_note-82"><span class="mw-cite-backlink"><b><a href="#cite_ref-82">^</a></b></span> <span class="reference-text"><a href="#CITEREFChernow1990">Chernow 1990</a>, p. 154</span> </li> </ol></div> <div class="mw-heading mw-heading2"><h2 id="Bibliography">Bibliography</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Panic_of_1907&action=edit&section=16" title="Edit section: Bibliography"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <ul><li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFBrunerCarr2007" class="citation cs2">Bruner, Robert F.; Carr, Sean D. (2007), <i>The Panic of 1907: Lessons Learned from the Market's Perfect Storm</i>, Hoboken, New Jersey: John Wiley & Sons, <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-0-470-15263-8" title="Special:BookSources/978-0-470-15263-8"><bdi>978-0-470-15263-8</bdi></a></cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=The+Panic+of+1907%3A+Lessons+Learned+from+the+Market%27s+Perfect+Storm&rft.place=Hoboken%2C+New+Jersey&rft.pub=John+Wiley+%26+Sons&rft.date=2007&rft.isbn=978-0-470-15263-8&rft.aulast=Bruner&rft.aufirst=Robert+F.&rft.au=Carr%2C+Sean+D.&rfr_id=info%3Asid%2Fen.wikipedia.org%3APanic+of+1907" class="Z3988"></span></li> <li>Bruner, Robert F. and Sean Carr, <a rel="nofollow" class="external text" href="https://ssrn.com/abstract=1419820">"The Panic of 1907, (Darden Case No. UVA-G-0619</a>, U of Virginia – Darden School of Business, (2009)</li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFCalomirisGorton1992" class="citation cs2">Calomiris, Charles W.; Gorton, Gary (1992), "The Origins of Banking Panics: Models, Facts and Bank Regulation", in Hubbard, R. Glenn (ed.), <i>Financial Markets and Financial Crises</i>, Chicago: University of Chicago Press, <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-0-226-35588-7" title="Special:BookSources/978-0-226-35588-7"><bdi>978-0-226-35588-7</bdi></a></cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=bookitem&rft.atitle=The+Origins+of+Banking+Panics%3A+Models%2C+Facts+and+Bank+Regulation&rft.btitle=Financial+Markets+and+Financial+Crises&rft.place=Chicago&rft.pub=University+of+Chicago+Press&rft.date=1992&rft.isbn=978-0-226-35588-7&rft.aulast=Calomiris&rft.aufirst=Charles+W.&rft.au=Gorton%2C+Gary&rfr_id=info%3Asid%2Fen.wikipedia.org%3APanic+of+1907" class="Z3988"></span></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFCaporaleMcKiernan1998" class="citation cs2">Caporale, Tony; McKiernan, Barbara (1998), "Interest Rate Uncertainty and the Founding of the Federal Reserve", <i>The Journal of Economic History</i>, <b>58</b> (4): 1110–17, <a href="/wiki/Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<a rel="nofollow" class="external text" href="https://doi.org/10.1017%2FS0022050700021756">10.1017/S0022050700021756</a>, <a href="/wiki/S2CID_(identifier)" class="mw-redirect" title="S2CID (identifier)">S2CID</a> <a rel="nofollow" class="external text" href="https://api.semanticscholar.org/CorpusID:154320520">154320520</a></cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=The+Journal+of+Economic+History&rft.atitle=Interest+Rate+Uncertainty+and+the+Founding+of+the+Federal+Reserve&rft.volume=58&rft.issue=4&rft.pages=1110-17&rft.date=1998&rft_id=info%3Adoi%2F10.1017%2FS0022050700021756&rft_id=https%3A%2F%2Fapi.semanticscholar.org%2FCorpusID%3A154320520%23id-name%3DS2CID&rft.aulast=Caporale&rft.aufirst=Tony&rft.au=McKiernan%2C+Barbara&rfr_id=info%3Asid%2Fen.wikipedia.org%3APanic+of+1907" class="Z3988"></span></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFCarosso1987" class="citation cs2">Carosso, Vincent P. (1987), <a rel="nofollow" class="external text" href="https://archive.org/details/morgansprivatein00caro"><i>The Morgans: Private International Bankers, 1854–1913</i></a>, Cambridge: Harvard University Press, <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-0-674-58729-8" title="Special:BookSources/978-0-674-58729-8"><bdi>978-0-674-58729-8</bdi></a></cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=The+Morgans%3A+Private+International+Bankers%2C+1854%E2%80%931913&rft.place=Cambridge&rft.pub=Harvard+University+Press&rft.date=1987&rft.isbn=978-0-674-58729-8&rft.aulast=Carosso&rft.aufirst=Vincent+P.&rft_id=https%3A%2F%2Farchive.org%2Fdetails%2Fmorgansprivatein00caro&rfr_id=info%3Asid%2Fen.wikipedia.org%3APanic+of+1907" class="Z3988"></span></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFChernow1990" class="citation cs2"><a href="/wiki/Ron_Chernow" title="Ron Chernow">Chernow, Ron</a> (1990), <a rel="nofollow" class="external text" href="https://archive.org/details/houseofmorgan00ronc"><i>The House of Morgan: An American Banking Dynasty and the Rise of Modern Finance</i></a>, New York: Grove Press, <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-0-8021-3829-3" title="Special:BookSources/978-0-8021-3829-3"><bdi>978-0-8021-3829-3</bdi></a></cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=The+House+of+Morgan%3A+An+American+Banking+Dynasty+and+the+Rise+of+Modern+Finance&rft.place=New+York&rft.pub=Grove+Press&rft.date=1990&rft.isbn=978-0-8021-3829-3&rft.aulast=Chernow&rft.aufirst=Ron&rft_id=https%3A%2F%2Farchive.org%2Fdetails%2Fhouseofmorgan00ronc&rfr_id=info%3Asid%2Fen.wikipedia.org%3APanic+of+1907" class="Z3988"></span></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFChernow1998" class="citation cs2">Chernow, Ron (1998), <i>Titan: the Life of John D. Rockefeller, Sr</i>, New York: Random House, <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-0-679-43808-3" title="Special:BookSources/978-0-679-43808-3"><bdi>978-0-679-43808-3</bdi></a></cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Titan%3A+the+Life+of+John+D.+Rockefeller%2C+Sr&rft.place=New+York&rft.pub=Random+House&rft.date=1998&rft.isbn=978-0-679-43808-3&rft.aulast=Chernow&rft.aufirst=Ron&rfr_id=info%3Asid%2Fen.wikipedia.org%3APanic+of+1907" class="Z3988"></span></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFEdwards1907" class="citation cs2">Edwards, Adolph (1907), <a rel="nofollow" class="external text" href="https://books.google.com/books?id=R3koAAAAYAAJ"><i>The Roosevelt Panic of 1907</i></a> <span class="cs1-format">(PDF)</span>, Anitrock Pub. Co</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=The+Roosevelt+Panic+of+1907&rft.pub=Anitrock+Pub.+Co&rft.date=1907&rft.aulast=Edwards&rft.aufirst=Adolph&rft_id=https%3A%2F%2Fbooks.google.com%2Fbooks%3Fid%3DR3koAAAAYAAJ&rfr_id=info%3Asid%2Fen.wikipedia.org%3APanic+of+1907" class="Z3988"></span></li> <li>Fohlin, Caroline, and Zhikun Lu. "How Contagious Was the Panic of 1907? New Evidence from Trust Company Stocks." <i>AEA Papers and Proceedings</i>. Vol. 111. 2021. <a rel="nofollow" class="external text" href="https://www.aeaweb.org/articles?id=10.1257/pandp.20211097">online</a></li></ul> <ul><li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFFriedmanJacobson_Schwartz1963" class="citation cs2"><a href="/wiki/Milton_Friedman" title="Milton Friedman">Friedman, Milton</a>; <a href="/wiki/Anna_Schwartz" title="Anna Schwartz">Jacobson Schwartz, Anna</a> (1963), <i>A Monetary History of the United States: 1867–1960</i>, Princeton: <a href="/wiki/Princeton_University_Press" title="Princeton University Press">Princeton University Press</a>, <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-0-691-00354-2" title="Special:BookSources/978-0-691-00354-2"><bdi>978-0-691-00354-2</bdi></a></cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=A+Monetary+History+of+the+United+States%3A+1867%E2%80%931960&rft.place=Princeton&rft.pub=Princeton+University+Press&rft.date=1963&rft.isbn=978-0-691-00354-2&rft.aulast=Friedman&rft.aufirst=Milton&rft.au=Jacobson+Schwartz%2C+Anna&rfr_id=info%3Asid%2Fen.wikipedia.org%3APanic+of+1907" class="Z3988"></span></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFGorton2009" class="citation cs2">Gorton, Gary (2009), "Clearinghouses and the Origin of Central Banking in the United States", <i>The Journal of Economic History</i>, <b>45</b> (2): 277–283, <a href="/wiki/Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<a rel="nofollow" class="external text" href="https://doi.org/10.1017%2FS0022050700033957">10.1017/S0022050700033957</a>, <a href="/wiki/S2CID_(identifier)" class="mw-redirect" title="S2CID (identifier)">S2CID</a> <a rel="nofollow" class="external text" href="https://api.semanticscholar.org/CorpusID:154291456">154291456</a></cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=The+Journal+of+Economic+History&rft.atitle=Clearinghouses+and+the+Origin+of+Central+Banking+in+the+United+States&rft.volume=45&rft.issue=2&rft.pages=277-283&rft.date=2009&rft_id=info%3Adoi%2F10.1017%2FS0022050700033957&rft_id=https%3A%2F%2Fapi.semanticscholar.org%2FCorpusID%3A154291456%23id-name%3DS2CID&rft.aulast=Gorton&rft.aufirst=Gary&rfr_id=info%3Asid%2Fen.wikipedia.org%3APanic+of+1907" class="Z3988"></span></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFGortonHuang2006" class="citation cs2">Gorton, Gary; Huang, Lixin (2006), <a rel="nofollow" class="external text" href="http://www.nber.org/papers/w9102.pdf">"Bank panics and the endogeneity of central banking"</a> <span class="cs1-format">(PDF)</span>, <i>Journal of Monetary Economics</i>, <b>53</b> (7): 1613–1629, <a href="/wiki/Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<a rel="nofollow" class="external text" href="https://doi.org/10.1016%2Fj.jmoneco.2005.05.015">10.1016/j.jmoneco.2005.05.015</a></cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Journal+of+Monetary+Economics&rft.atitle=Bank+panics+and+the+endogeneity+of+central+banking&rft.volume=53&rft.issue=7&rft.pages=1613-1629&rft.date=2006&rft_id=info%3Adoi%2F10.1016%2Fj.jmoneco.2005.05.015&rft.aulast=Gorton&rft.aufirst=Gary&rft.au=Huang%2C+Lixin&rft_id=http%3A%2F%2Fwww.nber.org%2Fpapers%2Fw9102.pdf&rfr_id=info%3Asid%2Fen.wikipedia.org%3APanic+of+1907" class="Z3988"></span></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFHerrick1908" class="citation cs2">Herrick, Myron T. 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Wheelock. "Interbank Networks and the Interregional Transmission of Financial Crises: Evidence from the Panic of 1907." <i>FRB St. Louis Working Paper 2022-20</i> (2022). <a rel="nofollow" class="external text" href="https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4212033">online</a></li></ul> <ul><li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFJohnson1913" class="citation cs2"><a href="/wiki/Owen_Johnson_(writer)" title="Owen Johnson (writer)">Johnson, Owen</a> (1913), <a rel="nofollow" class="external text" href="https://archive.org/download/sixtyfirstsecon00compgoog/sixtyfirstsecon00compgoog.pdf"><i>The Sixty-first Second</i></a> <span class="cs1-format">(PDF)</span>, New York: Frederick A. Stokes Company, <a href="/wiki/OCLC_(identifier)" class="mw-redirect" title="OCLC (identifier)">OCLC</a> <a rel="nofollow" class="external text" href="https://search.worldcat.org/oclc/3101622">3101622</a></cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=The+Sixty-first+Second&rft.place=New+York&rft.pub=Frederick+A.+Stokes+Company&rft.date=1913&rft_id=info%3Aoclcnum%2F3101622&rft.aulast=Johnson&rft.aufirst=Owen&rft_id=https%3A%2F%2Farchive.org%2Fdownload%2Fsixtyfirstsecon00compgoog%2Fsixtyfirstsecon00compgoog.pdf&rfr_id=info%3Asid%2Fen.wikipedia.org%3APanic+of+1907" class="Z3988"></span>. Retrieved January 11, 2010.</li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFKynaston2017" class="citation book cs1"><a href="/wiki/David_Kynaston" title="David Kynaston">Kynaston, David</a> (2017). <i>Till Time's Last Sand: A History of the Bank of England, 1694–2013</i>. New York: <a href="/wiki/Bloomsbury_Publishing" title="Bloomsbury Publishing">Bloomsbury</a>. pp. 261–262. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-1408868560" title="Special:BookSources/978-1408868560"><bdi>978-1408868560</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Till+Time%27s+Last+Sand%3A+A+History+of+the+Bank+of+England%2C+1694%E2%80%932013&rft.place=New+York&rft.pages=261-262&rft.pub=Bloomsbury&rft.date=2017&rft.isbn=978-1408868560&rft.aulast=Kynaston&rft.aufirst=David&rfr_id=info%3Asid%2Fen.wikipedia.org%3APanic+of+1907" class="Z3988"></span></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFLeab,_Daniel2014" class="citation book cs1">Leab, Daniel, ed. 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ABC-CLIO 2 vol 919 pp. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/9781598849462" title="Special:BookSources/9781598849462"><bdi>9781598849462</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Encyclopedia+of+American+Recessions+and+Depressions&rft.pub=ABC-CLIO+2+vol+919+pp&rft.date=2014&rft.isbn=9781598849462&rft_id=https%3A%2F%2Fbooks.google.com%2Fbooks%3Fid%3DqI6dAwAAQBAJ%26pg%3DPR36&rfr_id=info%3Asid%2Fen.wikipedia.org%3APanic+of+1907" class="Z3988"></span> pp 329–78</li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFKindlebergerAliber2005" class="citation cs2"><a href="/wiki/Charles_P._Kindleberger" title="Charles P. Kindleberger">Kindleberger, Charles P.</a>; <a href="/wiki/Robert_Z._Aliber" title="Robert Z. Aliber">Aliber, Robert</a> (2005), <i>Manias, Panics, and Crashes: A History of Financial Crises</i> (5th ed.), Hoboken: John Wiley & Sons, <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-0-471-46714-4" title="Special:BookSources/978-0-471-46714-4"><bdi>978-0-471-46714-4</bdi></a></cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Manias%2C+Panics%2C+and+Crashes%3A+A+History+of+Financial+Crises&rft.place=Hoboken&rft.edition=5th&rft.pub=John+Wiley+%26+Sons&rft.date=2005&rft.isbn=978-0-471-46714-4&rft.aulast=Kindleberger&rft.aufirst=Charles+P.&rft.au=Aliber%2C+Robert&rfr_id=info%3Asid%2Fen.wikipedia.org%3APanic+of+1907" class="Z3988"></span></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFMcNelis1969" class="citation cs2">McNelis, Sarah (1969), <i>Copper King at War: The Biography of F. Augustus Heinze</i> (2nd ed.), Missoula: University of Montana Press, <a href="/wiki/OCLC_(identifier)" class="mw-redirect" title="OCLC (identifier)">OCLC</a> <a rel="nofollow" class="external text" href="https://search.worldcat.org/oclc/7369533">7369533</a></cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Copper+King+at+War%3A+The+Biography+of+F.+Augustus+Heinze&rft.place=Missoula&rft.edition=2nd&rft.pub=University+of+Montana+Press&rft.date=1969&rft_id=info%3Aoclcnum%2F7369533&rft.aulast=McNelis&rft.aufirst=Sarah&rfr_id=info%3Asid%2Fen.wikipedia.org%3APanic+of+1907" class="Z3988"></span></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFMiron1986" class="citation cs2"><a href="/wiki/Jeffrey_Miron" title="Jeffrey Miron">Miron, Jeffrey A.</a> (1986), <a rel="nofollow" class="external text" href="https://fraser.stlouisfed.org/title/1161/item/2361">"Financial Panics, the Seasonality of the Nominal Interest Rate, and the Founding of the Fed"</a> <span class="cs1-format">(PDF)</span>, <i><a href="/wiki/American_Economic_Review" title="American Economic Review">American Economic Review</a></i>, <b>76</b> (1): 125–40</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=American+Economic+Review&rft.atitle=Financial+Panics%2C+the+Seasonality+of+the+Nominal+Interest+Rate%2C+and+the+Founding+of+the+Fed&rft.volume=76&rft.issue=1&rft.pages=125-40&rft.date=1986&rft.aulast=Miron&rft.aufirst=Jeffrey+A.&rft_id=https%3A%2F%2Ffraser.stlouisfed.org%2Ftitle%2F1161%2Fitem%2F2361&rfr_id=info%3Asid%2Fen.wikipedia.org%3APanic+of+1907" class="Z3988"></span></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFMoenTallman1992" class="citation cs2">Moen, Jon; Tallman, Ellis (1992), "The Bank Panic of 1907: The Role of the Trust Companies", <i>The Journal of Economic History</i>, <b>52</b> (3): 611–30, <a href="/wiki/Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<a rel="nofollow" class="external text" href="https://doi.org/10.1017%2FS0022050700011414">10.1017/S0022050700011414</a>, <a href="/wiki/S2CID_(identifier)" class="mw-redirect" title="S2CID (identifier)">S2CID</a> <a rel="nofollow" class="external text" href="https://api.semanticscholar.org/CorpusID:154316738">154316738</a></cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=The+Journal+of+Economic+History&rft.atitle=The+Bank+Panic+of+1907%3A+The+Role+of+the+Trust+Companies&rft.volume=52&rft.issue=3&rft.pages=611-30&rft.date=1992&rft_id=info%3Adoi%2F10.1017%2FS0022050700011414&rft_id=https%3A%2F%2Fapi.semanticscholar.org%2FCorpusID%3A154316738%23id-name%3DS2CID&rft.aulast=Moen&rft.aufirst=Jon&rft.au=Tallman%2C+Ellis&rfr_id=info%3Asid%2Fen.wikipedia.org%3APanic+of+1907" class="Z3988"></span></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFNoyes1909" class="citation cs2">Noyes, Alexander Dana (1909), <a rel="nofollow" class="external text" href="https://books.google.com/books?id=7hkYAAAAMAAJ"><i>Forty Years of American Finance</i></a>, G. P. Putnam's sons, <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-0-405-13672-6" title="Special:BookSources/978-0-405-13672-6"><bdi>978-0-405-13672-6</bdi></a></cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Forty+Years+of+American+Finance&rft.pub=G.+P.+Putnam%27s+sons&rft.date=1909&rft.isbn=978-0-405-13672-6&rft.aulast=Noyes&rft.aufirst=Alexander+Dana&rft_id=https%3A%2F%2Fbooks.google.com%2Fbooks%3Fid%3D7hkYAAAAMAAJ&rfr_id=info%3Asid%2Fen.wikipedia.org%3APanic+of+1907" class="Z3988"></span></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFOdellWeidenmier2004" class="citation cs2">Odell, Kerry A.; Weidenmier, Marc D. (2004), <a rel="nofollow" class="external text" href="http://www.nber.org/papers/w9176.pdf">"Real Shock, Monetary Aftershock: The 1906 San Francisco Earthquake and the Panic of 1907"</a> <span class="cs1-format">(PDF)</span>, <i>The Journal of Economic History</i>, <b>64</b> (4): 1002–1027, <a href="/wiki/Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<a rel="nofollow" class="external text" href="https://doi.org/10.1017%2FS0022050704043062">10.1017/S0022050704043062</a>, <a href="/wiki/Hdl_(identifier)" class="mw-redirect" title="Hdl (identifier)">hdl</a>:<a rel="nofollow" class="external text" href="https://hdl.handle.net/10419%2F94590">10419/94590</a>, <a href="/wiki/S2CID_(identifier)" class="mw-redirect" title="S2CID (identifier)">S2CID</a> <a rel="nofollow" class="external text" href="https://api.semanticscholar.org/CorpusID:155027411">155027411</a></cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=The+Journal+of+Economic+History&rft.atitle=Real+Shock%2C+Monetary+Aftershock%3A+The+1906+San+Francisco+Earthquake+and+the+Panic+of+1907&rft.volume=64&rft.issue=4&rft.pages=1002-1027&rft.date=2004&rft_id=info%3Ahdl%2F10419%2F94590&rft_id=https%3A%2F%2Fapi.semanticscholar.org%2FCorpusID%3A155027411%23id-name%3DS2CID&rft_id=info%3Adoi%2F10.1017%2FS0022050704043062&rft.aulast=Odell&rft.aufirst=Kerry+A.&rft.au=Weidenmier%2C+Marc+D.&rft_id=http%3A%2F%2Fwww.nber.org%2Fpapers%2Fw9176.pdf&rfr_id=info%3Asid%2Fen.wikipedia.org%3APanic+of+1907" class="Z3988"></span></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFPrins2014" class="citation cs2"><a href="/wiki/Nomi_Prins" title="Nomi Prins">Prins, Nomi</a> (2014), <i>All the Presidents' Bankers: The Hidden Alliances that Drive American Power</i>, New York: Bold Type Books, <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-1-56858-491-1" title="Special:BookSources/978-1-56858-491-1"><bdi>978-1-56858-491-1</bdi></a></cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=All+the+Presidents%27+Bankers%3A+The+Hidden+Alliances+that+Drive+American+Power&rft.place=New+York&rft.pub=Bold+Type+Books&rft.date=2014&rft.isbn=978-1-56858-491-1&rft.aulast=Prins&rft.aufirst=Nomi&rfr_id=info%3Asid%2Fen.wikipedia.org%3APanic+of+1907" class="Z3988"></span></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFSmith2004" class="citation cs2">Smith, B. Mark (2004), <i>A History of the Global Stock Market; From Ancient Rome to Silicon Valley</i>, Chicago: University of Chicago Press, <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-0-226-76404-7" title="Special:BookSources/978-0-226-76404-7"><bdi>978-0-226-76404-7</bdi></a></cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=A+History+of+the+Global+Stock+Market%3B+From+Ancient+Rome+to+Silicon+Valley&rft.place=Chicago&rft.pub=University+of+Chicago+Press&rft.date=2004&rft.isbn=978-0-226-76404-7&rft.aulast=Smith&rft.aufirst=B.+Mark&rfr_id=info%3Asid%2Fen.wikipedia.org%3APanic+of+1907" class="Z3988"></span></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFSprague1908" class="citation cs2">Sprague, Oliver M.W. (1908), <a rel="nofollow" class="external text" href="https://zenodo.org/record/1449426">"The American Crisis of 1907"</a>, <i>The Economic Journal</i>, <b>18</b> (71): 353–372, <a href="/wiki/Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<a rel="nofollow" class="external text" href="https://doi.org/10.2307%2F2221551">10.2307/2221551</a>, <a href="/wiki/JSTOR_(identifier)" class="mw-redirect" title="JSTOR (identifier)">JSTOR</a> <a rel="nofollow" class="external text" href="https://www.jstor.org/stable/2221551">2221551</a></cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=The+Economic+Journal&rft.atitle=The+American+Crisis+of+1907&rft.volume=18&rft.issue=71&rft.pages=353-372&rft.date=1908&rft_id=info%3Adoi%2F10.2307%2F2221551&rft_id=https%3A%2F%2Fwww.jstor.org%2Fstable%2F2221551%23id-name%3DJSTOR&rft.aulast=Sprague&rft.aufirst=Oliver+M.W.&rft_id=https%3A%2F%2Fzenodo.org%2Frecord%2F1449426&rfr_id=info%3Asid%2Fen.wikipedia.org%3APanic+of+1907" class="Z3988"></span></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFTallmanMoen1990" class="citation cs2">Tallman, Ellis W.; Moen, Jon (1990), <a rel="nofollow" class="external text" href="https://web.archive.org/web/20081029124004/http://www.frbatlanta.org/filelegacydocs/ern390_tallman.pdf">"Lessons from the Panic of 1907"</a> <span class="cs1-format">(PDF)</span>, <i>Federal Reserve Bank of Atlanta Economic Review</i>, <b>75</b>: 2–13, archived from <a rel="nofollow" class="external text" href="http://www.frbatlanta.org/filelegacydocs/ern390_tallman.pdf">the original</a> <span class="cs1-format">(PDF)</span> on October 29, 2008<span class="reference-accessdate">, retrieved <span class="nowrap">April 3,</span> 2008</span></cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Federal+Reserve+Bank+of+Atlanta+Economic+Review&rft.atitle=Lessons+from+the+Panic+of+1907&rft.volume=75&rft.pages=2-13&rft.date=1990&rft.aulast=Tallman&rft.aufirst=Ellis+W.&rft.au=Moen%2C+Jon&rft_id=http%3A%2F%2Fwww.frbatlanta.org%2Ffilelegacydocs%2Fern390_tallman.pdf&rfr_id=info%3Asid%2Fen.wikipedia.org%3APanic+of+1907" class="Z3988"></span>. Retrieved on September 14, 2008.</li></ul> <div class="mw-heading mw-heading2"><h2 id="External_links">External links</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Panic_of_1907&action=edit&section=17" title="Edit section: External links"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1235681985">.mw-parser-output .side-box{margin:4px 0;box-sizing:border-box;border:1px solid #aaa;font-size:88%;line-height:1.25em;background-color:var(--background-color-interactive-subtle,#f8f9fa);display:flow-root}.mw-parser-output .side-box-abovebelow,.mw-parser-output .side-box-text{padding:0.25em 0.9em}.mw-parser-output .side-box-image{padding:2px 0 2px 0.9em;text-align:center}.mw-parser-output .side-box-imageright{padding:2px 0.9em 2px 0;text-align:center}@media(min-width:500px){.mw-parser-output .side-box-flex{display:flex;align-items:center}.mw-parser-output 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class="navbox-title" colspan="2"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><style data-mw-deduplicate="TemplateStyles:r1239400231">.mw-parser-output .navbar{display:inline;font-size:88%;font-weight:normal}.mw-parser-output .navbar-collapse{float:left;text-align:left}.mw-parser-output .navbar-boxtext{word-spacing:0}.mw-parser-output .navbar ul{display:inline-block;white-space:nowrap;line-height:inherit}.mw-parser-output .navbar-brackets::before{margin-right:-0.125em;content:"[ "}.mw-parser-output .navbar-brackets::after{margin-left:-0.125em;content:" ]"}.mw-parser-output .navbar li{word-spacing:-0.125em}.mw-parser-output .navbar a>span,.mw-parser-output .navbar a>abbr{text-decoration:inherit}.mw-parser-output .navbar-mini abbr{font-variant:small-caps;border-bottom:none;text-decoration:none;cursor:inherit}.mw-parser-output .navbar-ct-full{font-size:114%;margin:0 7em}.mw-parser-output .navbar-ct-mini{font-size:114%;margin:0 4em}html.skin-theme-clientpref-night .mw-parser-output .navbar li a abbr{color:var(--color-base)!important}@media(prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .navbar li a abbr{color:var(--color-base)!important}}@media print{.mw-parser-output .navbar{display:none!important}}</style><div class="navbar plainlinks hlist navbar-mini"><ul><li class="nv-view"><a href="/wiki/Template:United_States_%E2%80%93_Commonwealth_of_Nations_recessions" title="Template:United States – Commonwealth of Nations recessions"><abbr title="View this template">v</abbr></a></li><li class="nv-talk"><a href="/wiki/Template_talk:United_States_%E2%80%93_Commonwealth_of_Nations_recessions" title="Template talk:United States – Commonwealth of Nations recessions"><abbr title="Discuss this template">t</abbr></a></li><li class="nv-edit"><a href="/wiki/Special:EditPage/Template:United_States_%E2%80%93_Commonwealth_of_Nations_recessions" title="Special:EditPage/Template:United States – Commonwealth of Nations recessions"><abbr title="Edit this template">e</abbr></a></li></ul></div><div id="Economic_expansions_and_recessions_in_the_United_States_and_Commonwealth_of_Nations_countries" style="font-size:114%;margin:0 4em"><a href="/wiki/List_of_economic_expansions_in_the_United_States" title="List of economic expansions in the United States">Economic expansions</a> and <a href="/wiki/List_of_recessions_in_the_United_States" title="List of recessions in the United States">recessions in the United States</a> and <a href="/wiki/Member_states_of_the_Commonwealth_of_Nations" title="Member states of the Commonwealth of Nations">Commonwealth of Nations countries</a></div></th></tr><tr><td class="navbox-abovebelow" colspan="2"><div> <ul><li><a href="/wiki/Aggregate_demand" title="Aggregate demand">Aggregate demand</a>/<a href="/wiki/Aggregate_supply" title="Aggregate supply">Supply</a> <ul><li><a href="/wiki/Effective_demand" title="Effective demand">Effective demand</a></li> <li><a href="/wiki/General_glut" title="General glut">General glut</a></li> <li><a href="/wiki/AD%E2%80%93AS_model" title="AD–AS model">Model</a></li> <li><a href="/wiki/Overproduction" title="Overproduction">Overproduction</a></li> <li><a href="/wiki/Paradox_of_thrift" title="Paradox of thrift">Paradox of thrift</a></li> <li><a href="/wiki/Nominal_rigidity" title="Nominal rigidity">Price-and-wage stickiness</a></li> <li><a href="/wiki/Underconsumption" title="Underconsumption">Underconsumption</a></li></ul></li> <li><a href="/wiki/Business_cycle" title="Business cycle">Business cycle</a></li> <li><a href="/wiki/Deflation" title="Deflation">Deflation</a>/<a href="/wiki/Inflation" title="Inflation">Inflation</a> <ul><li><a href="/wiki/Chronic_inflation" title="Chronic inflation">Chronic</a></li> <li><a href="/wiki/Classical_dichotomy" title="Classical dichotomy">Classical dichotomy</a></li> <li><a href="/wiki/Disinflation" title="Disinflation">Disinflation</a></li> <li><a href="/wiki/Money_supply" title="Money supply">Money supply</a>/<a href="/wiki/Demand_for_money" title="Demand for money">demand</a></li> <li><a href="/wiki/Neutrality_of_money" title="Neutrality of money">Neutrality of money</a></li> <li><a href="/wiki/Price_level" title="Price level">Price level</a></li> <li><a href="/wiki/Real_versus_nominal_value_(economics)" class="mw-redirect" title="Real versus nominal value (economics)">Real and nominal values</a></li> <li><a href="/wiki/Velocity_of_money" title="Velocity of money">Velocity of money</a></li></ul></li> <li><a href="/wiki/Economic_expansion" title="Economic expansion">Economic expansion</a> <ul><li><a href="/wiki/Economic_recovery" title="Economic recovery">Recovery</a></li> <li><a href="/wiki/Economic_stagnation" title="Economic stagnation">Stagnation</a></li> <li><a href="/wiki/List_of_economic_expansions_in_the_United_States" title="List of economic expansions in the United States">U.S. expansions</a></li></ul></li> <li><a href="/wiki/Interest_rate" title="Interest rate">Interest rate</a> <ul><li><a href="/wiki/Nominal_interest_rate" title="Nominal interest rate">Nominal interest rate</a></li> <li><a href="/wiki/Real_interest_rate" title="Real interest rate">Real interest rate</a></li> <li><a href="/wiki/Yield_curve" title="Yield curve">Yield curve</a>/<a href="/wiki/Inverted_yield_curve" title="Inverted yield curve">Inverted</a></li></ul></li> <li><a href="/wiki/Recession" title="Recession">Recession</a> <ul><li><a href="/wiki/Balance_sheet_recession" title="Balance sheet recession">Balance sheet</a></li> <li><a href="/wiki/Economic_depression" title="Economic depression">Depression</a></li> <li><a href="/wiki/Global_recession" title="Global recession">Global</a></li> <li><a href="/wiki/Rolling_recession" title="Rolling recession">Rolling</a></li> <li><a href="/wiki/Recession_shapes" title="Recession shapes">Shapes</a></li> <li><a href="/wiki/Stagflation" title="Stagflation">Stagflation</a></li> <li><a href="/wiki/List_of_recessions_in_the_United_Kingdom" title="List of recessions in the United Kingdom">U.K. recessions</a></li> <li><a href="/wiki/List_of_recessions_in_the_United_States" title="List of recessions in the United States">U.S. recessions</a></li></ul></li> <li><a href="/wiki/Shock_(economics)" title="Shock (economics)">Shock</a> <ul><li><a href="/wiki/Demand_shock" title="Demand shock">Demand</a></li> <li><a href="/wiki/Supply_shock" title="Supply shock">Supply</a></li></ul></li> <li><a href="/wiki/Unemployment" title="Unemployment">Unemployment</a> <ul><li><a href="/wiki/Sahm_rule" title="Sahm rule">Sahm rule</a></li></ul></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Commercial_revolution" title="Commercial revolution">Commercial revolution</a><br />(1000–1760)</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Great_Slump_(15th_century)" title="Great Slump (15th century)">Great Slump</a> (1430–1490)</li> <li><a href="/wiki/War_of_the_Spanish_Succession" title="War of the Spanish Succession">Slump of 1706</a></li> <li><a href="/wiki/Great_Frost_of_1709" title="Great Frost of 1709">Great Frost of 1709</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Industrial_Revolution" title="Industrial Revolution">1st Industrial Revolution</a><br />(1760–1840)</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/British_credit_crisis_of_1772%E2%80%931773" title="British credit crisis of 1772–1773">British credit crisis of 1772–1773</a> <ul><li>1772–1774; <a href="/wiki/British_credit_crisis_of_1772%E2%80%931773#Effects_in_London" title="British credit crisis of 1772–1773">England</a></li> <li><a href="/wiki/British_credit_crisis_of_1772%E2%80%931773#Scotland" title="British credit crisis of 1772–1773">Scotland</a></li> <li><a href="/wiki/British_credit_crisis_of_1772%E2%80%931773" title="British credit crisis of 1772–1773">American Colonies</a></li></ul></li> <li>1785–1788</li> <li><a href="/wiki/Copper_Panic_of_1789" title="Copper Panic of 1789">Copper Panic of 1789</a>/<a href="/wiki/Panic_of_1792" title="Panic of 1792">Panic of 1792</a> (1789–1793)</li> <li><a href="/wiki/Panic_of_1796%E2%80%931797" title="Panic of 1796–1797">Panic of 1796–1797</a> (1796–1799)</li> <li>1802–1804</li> <li>1807–1810</li> <li>1812</li> <li><a href="/wiki/Post-Napoleonic_Depression" title="Post-Napoleonic Depression">Post-Napoleonic Depression</a> (1815–1821)</li> <li>1822–23</li> <li><a href="/wiki/Panic_of_1825" title="Panic of 1825">Panic of 1825</a> (1825–1826)</li> <li>1828–29</li> <li>1833–34</li> <li><a href="/wiki/Panic_of_1837" title="Panic of 1837">Panic of 1837</a> (1836–1838 and 1839–1843)</li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Victorian_era" title="Victorian era">Early Victorian Britain</a>/<br /><a href="/wiki/History_of_the_United_States_(1849%E2%80%931865)" title="History of the United States (1849–1865)">Civil War-era United States</a><br />(1840–1870)</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li>1845–46</li> <li><a href="/wiki/Panic_of_1847" title="Panic of 1847">Panic of 1847</a> (1847–1848)</li> <li>1853–54</li> <li><a href="/wiki/Panic_of_1857" title="Panic of 1857">Panic of 1857</a> (1857–1858)</li> <li>1860–61</li> <li><a href="/wiki/Panic_of_1866" title="Panic of 1866">Panic of 1866</a> (1865–1867)</li> <li><a href="/wiki/Black_Friday_(1869)" title="Black Friday (1869)">Black Friday</a> (1869–1870)</li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Gilded_Age" title="Gilded Age">Gilded Age</a>/<br /><a href="/wiki/Second_Industrial_Revolution" title="Second Industrial Revolution">2nd Industrial Revolution</a><br />(1870–1914)</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Long_Depression" title="Long Depression">Long Depression</a>/<a href="/wiki/The_Great_Deflation" title="The Great Deflation">Great Deflation</a> <ul><li>1873–1879; <a href="/wiki/Long_Depression#United_Kingdom" title="Long Depression">United Kingdom</a></li> <li><a href="/wiki/Long_Depression#United_States" title="Long Depression">United States</a></li></ul></li> <li><a href="/wiki/Depression_of_1882%E2%80%931885" title="Depression of 1882–1885">Depression of 1882–1885</a></li> <li>1887–88</li> <li><a href="/wiki/Baring_crisis" title="Baring crisis">Baring crisis</a> (1890–1891)</li> <li><a href="/wiki/Panic_of_1893" title="Panic of 1893">Panic of 1893</a> (1893–1897)</li> <li>1899–1900</li> <li><a href="/wiki/Panic_of_1901" title="Panic of 1901">Panic of 1901</a> (1902–1904)</li> <li><a class="mw-selflink selflink">Panic of 1907</a> (1907–1908)</li> <li><a href="/wiki/Panic_of_1910%E2%80%9311" title="Panic of 1910–11">Panic of 1910–11</a> (1910–1912)</li> <li><a href="/wiki/Financial_crisis_of_1914" title="Financial crisis of 1914">Financial crisis of 1914</a> (1913–14)</li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Interwar_period" title="Interwar period">Interwar period</a><br />(1918–1939)</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Post%E2%80%93World_War_I_recession" title="Post–World War I recession">Post–World War I recession</a> (1918–1919)</li> <li><a href="/wiki/Depression_of_1920%E2%80%931921" title="Depression of 1920–1921">Depression of 1920–1921</a></li> <li><a href="/wiki/Roaring_Twenties" title="Roaring Twenties">Roaring Twenties</a></li> <li>1923–1924</li> <li>1926–1927</li> <li><a href="/wiki/Great_Depression" title="Great Depression">Great Depression</a> <ul><li>1929–1939; <a href="/wiki/Great_Depression_in_Australia" title="Great Depression in Australia">Australia</a></li> <li><a href="/wiki/Great_Depression_in_Canada" title="Great Depression in Canada">Canada</a></li> <li><a href="/wiki/Great_Depression_in_India" title="Great Depression in India">India</a></li> <li><a href="/wiki/History_of_New_Zealand" title="History of New Zealand">New Zealand</a></li> <li><a href="/wiki/Great_Depression_in_South_Africa" title="Great Depression in South Africa">South Africa</a></li> <li><a href="/wiki/Great_Depression_in_the_United_Kingdom" title="Great Depression in the United Kingdom">United Kingdom</a></li> <li><a href="/wiki/Great_Depression_in_the_United_States" title="Great Depression in the United States">United States</a></li></ul></li> <li><a href="/wiki/Recession_of_1937%E2%80%931938" title="Recession of 1937–1938">Recession of 1937–1938</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Post%E2%80%93World_War_II_economic_expansion" title="Post–World War II economic expansion">Post–WWII expansion</a><br />(1945–1973)</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li>1945</li> <li><a href="/wiki/Recession_of_1949" title="Recession of 1949">Recession of 1949</a> (1948–1949)</li> <li><a href="/wiki/Recession_of_1953" title="Recession of 1953">Recession of 1953</a> (1953–1954)</li> <li><a href="/wiki/Recession_of_1958" title="Recession of 1958">Recession of 1958</a> (1957–1958)</li> <li><a href="/wiki/Recession_of_1960%E2%80%931961" title="Recession of 1960–1961">Recession of 1960–1961</a></li> <li><a href="/wiki/Recession_of_1969%E2%80%931970" title="Recession of 1969–1970">Recession of 1969–1970</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Stagflation" title="Stagflation">Great Inflation</a><br />(1973–1982)</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/1973%E2%80%931975_recession" title="1973–1975 recession">1973–1975 recession</a> <ul><li><a href="/wiki/1973%E2%80%931975_recession#United_Kingdom" title="1973–1975 recession">United Kingdom</a></li> <li><a href="/wiki/1973%E2%80%931975_recession#United_States" title="1973–1975 recession">United States</a></li></ul></li> <li><a href="/wiki/Early_1980s_recession" title="Early 1980s recession">Early 1980s recession</a> <ul><li>1980–1982; <a href="/wiki/Early_1980s_recession#Canada" title="Early 1980s recession">Canada</a></li> <li><a href="/wiki/Early_1980s_recession#United_Kingdom" title="Early 1980s recession">United Kingdom</a></li> <li><a href="/wiki/Early_1980s_recession_in_the_United_States" title="Early 1980s recession in the United States">United States</a></li></ul></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Great_Moderation" title="Great Moderation">Great Moderation</a>/<br /><a href="/wiki/Great_Regression" class="mw-redirect" title="Great Regression">Great Regression</a><br />(1982–2007)</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/1990s_United_States_boom" title="1990s United States boom">1990s United States boom</a></li> <li><a href="/wiki/Early_1990s_recession" title="Early 1990s recession">Early 1990s recession</a> <ul><li>1990–1991; <a href="/wiki/Early_1990s_recession_in_Australia" title="Early 1990s recession in Australia">Australia</a></li> <li><a href="/wiki/Early_1990s_recession#Canada" title="Early 1990s recession">Canada</a></li> <li><a href="/wiki/Early_1990s_recession#United_Kingdom" title="Early 1990s recession">United Kingdom</a></li> <li><a href="/wiki/Early_1990s_recession_in_the_United_States" title="Early 1990s recession in the United States">United States</a></li></ul></li> <li><a href="/wiki/1997_Asian_financial_crisis" title="1997 Asian financial crisis">1997 Asian financial crisis</a></li> <li><a href="/wiki/Early_2000s_recession" title="Early 2000s recession">Early 2000s recession</a> (2001)</li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Information_Age" title="Information Age">Information Age</a><br />(2007–present)</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Great_Recession" title="Great Recession">Great Recession</a> <ul><li>2007–2009; <a href="/wiki/Great_Recession_in_Oceania#Australia" title="Great Recession in Oceania">Australia</a></li> <li><a href="/wiki/Great_Recession_in_Asia#Bangladesh" title="Great Recession in Asia">Bangladesh</a></li> <li><a href="/wiki/Great_Recession_in_the_Americas#Canada" title="Great Recession in the Americas">Canada</a></li> <li><a href="/wiki/Great_Recession_in_Asia#India" title="Great Recession in Asia">India</a></li> <li><a href="/wiki/Great_Recession_in_Asia#Malysia" title="Great Recession in Asia">Malaysia</a></li> <li><a href="/wiki/Great_Recession_in_Oceania#New_Zealand" title="Great Recession in Oceania">New Zealand</a></li> <li><a href="/wiki/Great_Recession_in_Asia#Pakistan" title="Great Recession in Asia">Pakistan</a></li> <li><a href="/wiki/Great_Recession_in_Africa" title="Great Recession in Africa">South Africa</a></li> <li><a href="/wiki/Great_Recession_in_Asia#Sri_Lanka" title="Great Recession in Asia">Sri Lanka</a></li> <li><a href="/wiki/Great_Recession_in_Europe#United_Kingdom" title="Great Recession in Europe">United Kingdom</a></li> <li><a href="/wiki/Great_Recession_in_the_United_States" title="Great Recession in the United States">United States</a></li></ul></li> <li><a href="/wiki/COVID-19_recession" title="COVID-19 recession">COVID-19 recession</a> <ul><li>2020–2022; <a href="/wiki/COVID-19_recession#Australia" title="COVID-19 recession">Australia</a></li> <li><a href="/wiki/COVID-19_recession#Bangladsh" title="COVID-19 recession">Bangladesh</a></li> <li><a href="/wiki/COVID-19_recession#Belize" title="COVID-19 recession">Belize</a></li> <li><a href="/wiki/COVID-19_recession#Botswana" title="COVID-19 recession">Botswana</a></li> <li><a href="/wiki/Economic_impact_of_the_COVID-19_pandemic_in_Canada" title="Economic impact of the COVID-19 pandemic in Canada">Canada</a></li> <li><a href="/wiki/Economic_impact_of_the_COVID-19_pandemic_in_India" title="Economic impact of the COVID-19 pandemic in India">India</a></li> <li><a href="/wiki/Economic_impact_of_the_COVID-19_pandemic_in_Malaysia" title="Economic impact of the COVID-19 pandemic in Malaysia">Malaysia</a></li> <li><a href="/wiki/COVID-19_recession#Namibia" title="COVID-19 recession">Namibia</a></li> <li><a href="/wiki/Economic_impact_of_the_COVID-19_pandemic_in_New_Zealand" title="Economic impact of the COVID-19 pandemic in New Zealand">New Zealand</a></li> <li><a href="/wiki/COVID-19_pandemic_in_Singapore#Economic_impact" title="COVID-19 pandemic in Singapore">Singapore</a></li> <li><a href="/wiki/Economic_impact_of_the_COVID-19_pandemic_in_the_United_Kingdom" title="Economic impact of the COVID-19 pandemic in the United Kingdom">United Kingdom</a></li> <li><a href="/wiki/Economic_impact_of_the_COVID-19_pandemic_in_the_United_States" title="Economic impact of the COVID-19 pandemic in the United States">United States</a></li> <li><a href="/wiki/COVID-19_recession#Zambia" title="COVID-19 recession">Zambia</a></li></ul></li></ul> </div></td></tr></tbody></table></div> <div class="navbox-styles"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236075235"></div><div role="navigation" class="navbox" aria-labelledby="Financial_crises" style="padding:3px"><table class="nowraplinks hlist mw-collapsible mw-collapsed navbox-inner" style="border-spacing:0;background:transparent;color:inherit"><tbody><tr><th scope="col" class="navbox-title" colspan="2"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1239400231"><div class="navbar plainlinks hlist navbar-mini"><ul><li class="nv-view"><a href="/wiki/Template:Financial_crises" title="Template:Financial crises"><abbr title="View this template">v</abbr></a></li><li class="nv-talk"><a href="/wiki/Template_talk:Financial_crises" title="Template talk:Financial crises"><abbr title="Discuss this template">t</abbr></a></li><li class="nv-edit"><a href="/wiki/Special:EditPage/Template:Financial_crises" title="Special:EditPage/Template:Financial crises"><abbr title="Edit this template">e</abbr></a></li></ul></div><div id="Financial_crises" style="font-size:114%;margin:0 4em"><a href="/wiki/Financial_crisis" title="Financial crisis">Financial crises</a></div></th></tr><tr><td class="navbox-abovebelow" colspan="2"><div> <ul><li><span class="nowrap"><a href="/wiki/Bank_run" title="Bank run">Bank run</a></span></li> <li><span class="nowrap"><a href="/wiki/Commodity_price_shocks" title="Commodity price shocks">Commodity price shocks</a></span></li> <li><span class="nowrap"><a href="/wiki/Credit_crunch" title="Credit crunch">Credit crunch</a></span></li> <li><span class="nowrap"><a href="/wiki/Credit_cycle" title="Credit cycle">Credit cycle</a></span></li> <li><span class="nowrap"><a href="/wiki/Currency_crisis" title="Currency crisis">Currency crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/Debt_crisis" title="Debt crisis">Debt crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/Energy_crisis" title="Energy crisis">Energy crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/Financial_contagion" title="Financial contagion">Financial contagion</a></span> <ul><li><span class="nowrap"><a href="/wiki/Social_contagion" title="Social contagion">Social contagion</a></span></li></ul></li> <li><span class="nowrap"><a href="/wiki/Flash_crash" title="Flash crash">Flash crash</a></span></li> <li><span class="nowrap"><a href="/wiki/Hyperinflation" title="Hyperinflation">Hyperinflation</a></span></li> <li><span class="nowrap"><a href="/wiki/Liquidity_crisis" title="Liquidity crisis">Liquidity crisis</a></span> <ul><li><span class="nowrap"><a href="/wiki/Accounting_liquidity" title="Accounting liquidity">Accounting</a></span></li> <li><span class="nowrap"><a href="/wiki/Liquid_capital" title="Liquid capital">Capital</a></span></li> <li><span class="nowrap"><a href="/wiki/Funding_liquidity" title="Funding liquidity">Funding</a></span></li> <li><span class="nowrap"><a href="/wiki/Market_liquidity" title="Market liquidity">Market</a></span></li></ul></li> <li><span class="nowrap"><a href="/wiki/Minsky_moment" title="Minsky moment">Minsky moment</a></span></li> <li><span class="nowrap"><a href="/wiki/Social_crisis" title="Social crisis">Social crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/Stock_market_crash" title="Stock market crash">Stock market crash</a></span></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Pre-<a href="/wiki/Commercial_revolution" title="Commercial revolution">1000</a></th><td class="navbox-list-with-group navbox-list navbox-odd hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><span class="nowrap"><a href="/wiki/Financial_crisis_of_33" title="Financial crisis of 33">Financial crisis of 33 CE</a></span></li> <li><span class="nowrap"><a href="/wiki/Crisis_of_the_Third_Century" title="Crisis of the Third Century">Crisis of the Third Century</a> (235–284 CE)</span></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Commercial_revolution" title="Commercial revolution">Commercial revolution</a><br />(1000–1760)</th><td class="navbox-list-with-group navbox-list navbox-even hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><span class="nowrap"><a href="/wiki/Great_Bullion_Famine" title="Great Bullion Famine">Great Bullion Famine</a> (c. 1400–c. 1500)</span></li> <li><span class="nowrap"><a href="/wiki/The_Great_Debasement" title="The Great Debasement">The Great Debasement</a> (1544–1551)</span></li> <li><span class="nowrap"><a href="/wiki/Financial_history_of_the_Dutch_Republic" title="Financial history of the Dutch Republic">Dutch Republic stock market crashes</a> (c. 1600–1760)</span></li> <li><span class="nowrap"><i><a href="/wiki/Kipper_und_Wipper" title="Kipper und Wipper">Kipper und Wipper</a></i> (1621–1623)</span></li> <li><span class="nowrap"><a href="/wiki/Tulip_mania" title="Tulip mania">Tulip mania crash</a> (1637)</span></li> <li><span class="nowrap"><a href="/wiki/South_Sea_Company" title="South Sea Company">South Sea bubble crash</a> (1720)</span></li> <li><span class="nowrap"><a href="/wiki/Mississippi_Company" title="Mississippi Company">Mississippi bubble crash</a> (1720)</span></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Industrial_Revolution" title="Industrial Revolution">1st Industrial Revolution</a><br />(1760–1840)</th><td class="navbox-list-with-group navbox-list navbox-odd hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><span class="nowrap"><a href="/wiki/Amsterdam_banking_crisis_of_1763" title="Amsterdam banking crisis of 1763">Amsterdam banking crisis of 1763</a></span></li> <li><span class="nowrap"><a href="/wiki/Bengal_Bubble_of_1769" title="Bengal Bubble of 1769">Bengal bubble crash</a> (1769–1784)</span></li> <li><span class="nowrap"><a href="/wiki/British_credit_crisis_of_1772%E2%80%931773" title="British credit crisis of 1772–1773">British credit crisis of 1772–1773</a></span></li> <li><span class="nowrap"><a href="/wiki/Financial_history_of_the_Dutch_Republic" title="Financial history of the Dutch Republic">Dutch Republic financial collapse</a> (c. 1780–1795)</span></li> <li><span class="nowrap"><a href="/wiki/Copper_Panic_of_1789" title="Copper Panic of 1789">Copper Panic of 1789</a></span></li> <li><span class="nowrap"><a href="/wiki/Panic_of_1792" title="Panic of 1792">Panic of 1792</a></span></li> <li><span class="nowrap"><a href="/wiki/Panic_of_1796%E2%80%931797" title="Panic of 1796–1797">Panic of 1796–1797</a></span></li> <li><span class="nowrap"><a href="/wiki/Danish_state_bankruptcy_of_1813" title="Danish state bankruptcy of 1813">Danish state bankruptcy of 1813</a></span></li> <li><span class="nowrap"><a href="/wiki/Commodity_price_shocks" title="Commodity price shocks">Post-Napoleonic Irish grain price and land use shocks</a> (1815–1816)</span></li> <li><span class="nowrap"><a href="/wiki/Panic_of_1819" title="Panic of 1819">Panic of 1819</a></span></li> <li><span class="nowrap"><a href="/wiki/Panic_of_1825" title="Panic of 1825">Panic of 1825</a></span></li> <li><span class="nowrap"><a href="/wiki/Panic_of_1837" title="Panic of 1837">Panic of 1837</a></span></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">1840–1870</th><td class="navbox-list-with-group navbox-list navbox-even hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><span class="nowrap"><a href="/wiki/European_potato_failure" title="European potato failure">European potato failure</a> (1845–1856)</span> <ul><li><span class="nowrap"><a href="/wiki/Great_Famine_(Ireland)" title="Great Famine (Ireland)">Great Irish Famine</a></span></li> <li><span class="nowrap"><a href="/wiki/Highland_Potato_Famine" title="Highland Potato Famine">Highland Potato Famine</a></span></li></ul></li> <li><span class="nowrap"><a href="/wiki/Panic_of_1847" title="Panic of 1847">Panic of 1847</a></span></li> <li><span class="nowrap"><a href="/wiki/Panic_of_1857" title="Panic of 1857">Panic of 1857</a></span></li> <li><span class="nowrap"><a href="/wiki/Panic_of_1866" title="Panic of 1866">Panic of 1866</a></span></li> <li><span class="nowrap"><a href="/wiki/Black_Friday_(1869)" title="Black Friday (1869)">Black Friday</a> (1869)</span></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Second_Industrial_Revolution" title="Second Industrial Revolution">2nd Industrial Revolution</a><br />(1870–1914)</th><td class="navbox-list-with-group navbox-list navbox-odd hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><span class="nowrap"><a href="/wiki/Panic_of_1873" title="Panic of 1873">Panic of 1873</a></span></li> <li><span class="nowrap"><a href="/wiki/Paris_Bourse_crash_of_1882" title="Paris Bourse crash of 1882">Paris Bourse crash of 1882</a></span></li> <li><span class="nowrap"><a href="/wiki/Panic_of_1884" title="Panic of 1884">Panic of 1884</a></span></li> <li><span class="nowrap"><a href="/wiki/Arendal_crash" title="Arendal crash">Arendal crash</a> (1886)</span></li> <li><span class="nowrap"><a href="/wiki/Baring_crisis" title="Baring crisis">Baring crisis</a> (1890)</span></li> <li><span class="nowrap"><a href="/wiki/Encilhamento" title="Encilhamento">Encilhamento</a> (1890–1893)</span></li> <li><span class="nowrap"><a href="/wiki/Panic_of_1893" title="Panic of 1893">Panic of 1893</a></span></li> <li><span class="nowrap"><a href="/wiki/Australian_banking_crisis_of_1893" title="Australian banking crisis of 1893">Australian banking crisis of 1893</a></span></li> <li><span class="nowrap"><a href="/wiki/Black_Monday_(1894)" title="Black Monday (1894)">Black Monday</a> (1894)</span></li> <li><span class="nowrap"><a href="/wiki/Panic_of_1896" title="Panic of 1896">Panic of 1896</a></span></li> <li><span class="nowrap"><a href="/wiki/Panic_of_1901" title="Panic of 1901">Panic of 1901</a></span></li> <li><span class="nowrap"><a class="mw-selflink selflink">Panic of 1907</a></span></li> <li><span class="nowrap"><a href="/wiki/Shanghai_rubber_stock_market_crisis" title="Shanghai rubber stock market crisis">Shanghai rubber stock market crisis</a> (1910)</span></li> <li><span class="nowrap"><a href="/wiki/Panic_of_1910%E2%80%9311" title="Panic of 1910–11">Panic of 1910–11</a></span></li> <li><span class="nowrap"><a href="/wiki/Financial_crisis_of_1914" title="Financial crisis of 1914">Financial crisis of 1914</a></span></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Interwar_period" title="Interwar period">Interwar period</a><br />(1918–1939)</th><td class="navbox-list-with-group navbox-list navbox-even hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><span class="nowrap"><a href="/wiki/Hyperinflation_in_early_Soviet_Russia" title="Hyperinflation in early Soviet Russia">Early Soviet hyperinflation</a> (1917–1924)</span></li> <li><span class="nowrap"><a href="/wiki/Hyperinflation_in_the_Weimar_Republic" title="Hyperinflation in the Weimar Republic">Weimar Republic hyperinflation</a> (1921–1923)</span></li> <li><span class="nowrap"><a href="/wiki/Sh%C5%8Dwa_financial_crisis" title="Shōwa financial crisis">Shōwa financial crisis</a> (1927)</span></li> <li><span class="nowrap"><a href="/wiki/Wall_Street_Crash_of_1929" class="mw-redirect" title="Wall Street Crash of 1929">Wall Street Crash of 1929</a></span></li> <li><span class="nowrap"><a href="/wiki/Panic_of_1930" title="Panic of 1930">Panic of 1930</a></span></li> <li><span class="nowrap"><a href="/wiki/Chinese_hyperinflation" title="Chinese hyperinflation">Chinese hyperinflation</a> (1937-1950)</span></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/World_War_II" title="World War II">Wartime period</a><br />(1939–1945)</th><td class="navbox-list-with-group navbox-list navbox-odd hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><span class="nowrap"><a href="/wiki/Hyperinflation_in_Greece" title="Hyperinflation in Greece">Greek hyperinflation</a> (1941–1946)</span></li> <li><span class="nowrap"><a href="/wiki/Chinese_hyperinflation" title="Chinese hyperinflation">Chinese hyperinflation</a> (1937-1950)</span></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Post%E2%80%93World_War_II_economic_expansion" title="Post–World War II economic expansion">Post–WWII expansion</a><br />(1945–1973)</th><td class="navbox-list-with-group navbox-list navbox-even hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><span class="nowrap"><a href="/wiki/Hungarian_peng%C5%91#Hyperinflation" title="Hungarian pengő">Hungarian pengő hyperinflation</a> (1945–1946)</span></li> <li><span class="nowrap"><a href="/wiki/Kennedy_Slide_of_1962" title="Kennedy Slide of 1962">Kennedy Slide of 1962</a></span></li> <li><span class="nowrap"><a href="/w/index.php?title=1963%E2%80%931965_Indonesian_hyperinflation&action=edit&redlink=1" class="new" title="1963–1965 Indonesian hyperinflation (page does not exist)">1963–1965 Indonesian hyperinflation</a></span></li> <li><span class="nowrap"><a href="/wiki/Chinese_hyperinflation" title="Chinese hyperinflation">Chinese hyperinflation</a> (1937-1950)</span></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Stagflation" title="Stagflation">Great Inflation</a><br />(1973–1982)</th><td class="navbox-list-with-group navbox-list navbox-odd hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><span class="nowrap"><a href="/wiki/1970s_energy_crisis" title="1970s energy crisis">1970s energy crisis</a> (1973–1980)</span></li> <li><span class="nowrap"><a href="/wiki/1973_oil_crisis" title="1973 oil crisis">1973 oil crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/1973%E2%80%931974_stock_market_crash" title="1973–1974 stock market crash">1973–1974 stock market crash</a></span></li> <li><span class="nowrap"><a href="/wiki/Secondary_banking_crisis_of_1973%E2%80%931975" title="Secondary banking crisis of 1973–1975">Secondary banking crisis of 1973–1975</a></span></li> <li><span class="nowrap"><a href="/wiki/Steel_crisis" title="Steel crisis">Steel crisis</a> (1973–1982)</span></li> <li><span class="nowrap"><a href="/wiki/Latin_American_debt_crisis" title="Latin American debt crisis">Latin American debt crisis</a> (1975–1982)</span></li> <li><span class="nowrap"><a href="/wiki/1976_sterling_crisis" title="1976 sterling crisis">1976 British currency crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/1979_oil_crisis" title="1979 oil crisis">1979 oil crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/Hyperinflation_in_Brazil" title="Hyperinflation in Brazil">Brazilian hyperinflation</a> (1980–1982)</span></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Great_Moderation" title="Great Moderation">Great Moderation</a>/<br /><a href="/wiki/Great_Regression" class="mw-redirect" title="Great Regression">Great Regression</a><br />(1982–2007)</th><td class="navbox-list-with-group navbox-list navbox-even hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><span class="nowrap"><a href="/wiki/Hyperinflation_in_Brazil" title="Hyperinflation in Brazil">Brazilian hyperinflation</a> (1982–1994)</span></li> <li><span class="nowrap"><a href="/wiki/Souk_Al-Manakh_stock_market_crash" title="Souk Al-Manakh stock market crash">Souk Al-Manakh stock market crash</a> (1982)</span></li> <li><span class="nowrap"><a href="/wiki/Crisis_of_1982" title="Crisis of 1982">Chilean crisis of 1982</a></span></li> <li><span class="nowrap"><a href="/wiki/1983_Israel_bank_stock_crisis" title="1983 Israel bank stock crisis">1983 Israel bank stock crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/Black_Saturday_(1983)" title="Black Saturday (1983)">Black Saturday (1983)</a></span></li> <li><span class="nowrap"><a href="/wiki/Savings_and_loan_crisis" title="Savings and loan crisis">Savings and loan crisis</a> (1986–1995)</span></li> <li><span class="nowrap"><a href="/wiki/Cameroonian_economic_crisis" title="Cameroonian economic crisis">Cameroonian economic crisis</a> (1987–2000s)</span></li> <li><span class="nowrap"><a href="/wiki/Black_Monday_(1987)" title="Black Monday (1987)">Black Monday (1987)</a></span></li> <li><span class="nowrap"><a href="/wiki/1988%E2%80%931992_Norwegian_banking_crisis" title="1988–1992 Norwegian banking crisis">1988–1992 Norwegian banking crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/Japanese_asset_price_bubble" title="Japanese asset price bubble">Japanese asset price bubble crash</a> (1990–1992)</span></li> <li><span class="nowrap"><a href="/wiki/Rhode_Island_banking_crisis" title="Rhode Island banking crisis">Rhode Island banking crisis</a> (1990–1992)</span></li> <li><span class="nowrap"><a href="/wiki/1991_Indian_economic_crisis" title="1991 Indian economic crisis">1991 Indian economic crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/Sweden_financial_crisis_1990%E2%80%931994" class="mw-redirect" title="Sweden financial crisis 1990–1994">1990s Swedish financial crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/1990s_Finnish_banking_crisis" title="1990s Finnish banking crisis">1990s Finnish banking crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/Armenian_energy_crisis_of_1990s" class="mw-redirect" title="Armenian energy crisis of 1990s">1990s Armenian energy crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/Special_Period" title="Special Period">Cuban Special Period</a> (1991–2000)</span></li> <li><span class="nowrap"><a href="/wiki/Black_Wednesday" title="Black Wednesday">Black Wednesday (1992 Sterling crisis)</a></span></li> <li><span class="nowrap"><a href="/wiki/Hyperinflation_in_the_Federal_Republic_of_Yugoslavia" title="Hyperinflation in the Federal Republic of Yugoslavia">Yugoslav hyperinflation</a> (1992–1994)</span></li> <li><span class="nowrap"><a href="/wiki/1994_bond_market_crisis" title="1994 bond market crisis">1994 bond market crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/Venezuelan_banking_crisis_of_1994" title="Venezuelan banking crisis of 1994">Venezuelan banking crisis of 1994</a></span></li> <li><span class="nowrap"><a href="/wiki/Mexican_peso_crisis" title="Mexican peso crisis">Mexican peso crisis</a> (1994–1996)</span></li> <li><span class="nowrap"><a href="/wiki/1997_Asian_financial_crisis" title="1997 Asian financial crisis">1997 Asian financial crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/October_27,_1997,_mini-crash" title="October 27, 1997, mini-crash">October 1997 mini-crash</a></span></li> <li><span class="nowrap"><a href="/wiki/1998_Russian_financial_crisis" title="1998 Russian financial crisis">1998 Russian financial crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/1998%E2%80%931999_Ecuador_economic_crisis" title="1998–1999 Ecuador economic crisis">1998–1999 Ecuador economic crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/1998%E2%80%932002_Argentine_great_depression" title="1998–2002 Argentine great depression">1998–2002 Argentine great depression</a></span></li> <li><span class="nowrap"><a href="/wiki/Samba_effect" title="Samba effect">Samba effect</a> (1999)</span></li> <li><span class="nowrap"><a href="/wiki/Dot-com_bubble" title="Dot-com bubble">Dot-com bubble crash</a> (2000–2004)</span></li> <li><span class="nowrap"><a href="/wiki/Economic_effects_of_the_September_11_attacks" title="Economic effects of the September 11 attacks">9/11 stock market crash</a> (2001)</span></li> <li><span class="nowrap"><a href="/wiki/2001_Turkish_economic_crisis" title="2001 Turkish economic crisis">2001 Turkish economic crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/South_American_economic_crisis_of_2002" title="South American economic crisis of 2002">South American economic crisis of 2002</a></span></li> <li><span class="nowrap"><a href="/wiki/Stock_market_downturn_of_2002" title="Stock market downturn of 2002">Stock market downturn of 2002</a></span></li> <li><span class="nowrap"><a href="/wiki/2002_Uruguay_banking_crisis" title="2002 Uruguay banking crisis">2002 Uruguay banking crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/2003_Myanmar_banking_crisis" title="2003 Myanmar banking crisis">2003 Myanmar banking crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/2000s_energy_crisis" title="2000s energy crisis">2000s energy crisis</a> (2003–2008)</span></li> <li><span class="nowrap"><a href="/wiki/2004_Argentine_energy_crisis" title="2004 Argentine energy crisis">2004 Argentine energy crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/Chinese_stock_bubble_of_2007" title="Chinese stock bubble of 2007">2007 Chinese stock bubble crash</a></span></li> <li><span class="nowrap"><a href="/wiki/Hyperinflation_in_Zimbabwe" title="Hyperinflation in Zimbabwe">Zimbabwean hyperinflation</a> (2007–present)</span></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Great_Recession" title="Great Recession">Great Recession</a><br />(2007–2009)</th><td class="navbox-list-with-group navbox-list navbox-odd hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><span class="nowrap"><a href="/wiki/2007%E2%80%932008_financial_crisis" title="2007–2008 financial crisis">2007–2008 financial crisis</a></span> <ul><li><span class="nowrap"><a href="/wiki/Global_financial_crisis_in_September_2008" title="Global financial crisis in September 2008">September 2008</a></span></li> <li><span class="nowrap"><a href="/wiki/Global_financial_crisis_in_October_2008" title="Global financial crisis in October 2008">October 2008</a></span></li> <li><span class="nowrap"><a href="/wiki/Global_financial_crisis_in_November_2008" title="Global financial crisis in November 2008">November 2008</a></span></li> <li><span class="nowrap"><a href="/wiki/Global_financial_crisis_in_December_2008" title="Global financial crisis in December 2008">December 2008</a></span></li> <li><span class="nowrap"><a href="/wiki/Global_financial_crisis_in_2009" title="Global financial crisis in 2009">2009</a></span></li> <li><span class="nowrap"><a href="/wiki/Subprime_mortgage_crisis" title="Subprime mortgage crisis">Subprime mortgage crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/2000s_United_States_housing_market_correction" title="2000s United States housing market correction">2000s U.S. housing market correction</a></span></li> <li><span class="nowrap"><a href="/wiki/United_States_bear_market_of_2007%E2%80%932009" title="United States bear market of 2007–2009">U.S. bear market of 2007–2009</a></span></li> <li><span class="nowrap"><a href="/wiki/2008_Latvian_financial_crisis" title="2008 Latvian financial crisis">2008 Latvian financial crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/2008%E2%80%932009_Belgian_financial_crisis" title="2008–2009 Belgian financial crisis">2008–2009 Belgian financial crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/Great_Recession_in_Russia" title="Great Recession in Russia">2008–2009 Russian financial crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/2008%E2%80%932009_Ukrainian_financial_crisis" title="2008–2009 Ukrainian financial crisis">2008–2009 Ukrainian financial crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/2008%E2%80%932011_Icelandic_financial_crisis" title="2008–2011 Icelandic financial crisis">2008–2011 Icelandic financial crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/Post-2008_Irish_banking_crisis" title="Post-2008 Irish banking crisis">2008–2011 Irish banking crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/2008%E2%80%932014_Spanish_financial_crisis" title="2008–2014 Spanish financial crisis">2008–2014 Spanish financial crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/Blue_Monday_Crash_2009" title="Blue Monday Crash 2009">Blue Monday Crash 2009</a></span></li> <li><span class="nowrap"><a href="/wiki/European_debt_crisis" title="European debt crisis">European debt crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/Greek_government-debt_crisis" title="Greek government-debt crisis">Greek government-debt crisis</a></span></li></ul></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Information_Age" title="Information Age">Information Age</a><br />(2009–present)</th><td class="navbox-list-with-group navbox-list navbox-even hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><span class="nowrap"><a href="/wiki/Dubai_World" title="Dubai World">2009 Dubai debt standstill</a></span></li> <li><span class="nowrap"><a href="/wiki/Venezuelan_banking_crisis_of_2009%E2%80%932010" title="Venezuelan banking crisis of 2009–2010">Venezuelan banking crisis of 2009–2010</a></span></li> <li><span class="nowrap"><a href="/wiki/2010%E2%80%932014_Portuguese_financial_crisis" title="2010–2014 Portuguese financial crisis">2010–2014 Portuguese financial crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/Energy_crisis_in_Venezuela" title="Energy crisis in Venezuela">Energy crisis in Venezuela</a> (2010–present)</span></li> <li><span class="nowrap"><a href="/wiki/Economy_of_Syria" title="Economy of Syria">Syrian economic crisis</a> (2011–present)</span></li> <li><span class="nowrap"><a href="/wiki/August_2011_stock_markets_fall" title="August 2011 stock markets fall">August 2011 stock markets fall</a></span></li> <li><span class="nowrap"><a href="/wiki/2011_Bangladesh_share_market_scam" title="2011 Bangladesh share market scam">2011 Bangladesh share market scam</a></span></li> <li><span class="nowrap"><a href="/wiki/2012%E2%80%932013_Cypriot_financial_crisis" title="2012–2013 Cypriot financial crisis">2012–2013 Cypriot financial crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/Chinese_Banking_Liquidity_Crisis_of_2013" title="Chinese Banking Liquidity Crisis of 2013">2013 Chinese banking liquidity crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/2013%E2%80%93present_economic_crisis_in_Venezuela" title="2013–present economic crisis in Venezuela">Venezuela economic crisis</a> (2013–present)</span></li> <li><span class="nowrap"><a href="/wiki/2014_Brazilian_economic_crisis" title="2014 Brazilian economic crisis">2014–2016 Brazilian economic crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/Puerto_Rican_government-debt_crisis" title="Puerto Rican government-debt crisis">Puerto Rican government-debt crisis</a> (2014–2022)</span></li> <li><span class="nowrap"><a href="/wiki/Russian_financial_crisis_(2014%E2%80%932016)" title="Russian financial crisis (2014–2016)">Russian financial crisis (2014–2016)</a></span></li> <li><span class="nowrap"><a href="/wiki/2015_Nepal_blockade" title="2015 Nepal blockade">2015 Nepal blockade</a></span></li> <li><span class="nowrap"><a href="/wiki/2015%E2%80%932016_Chinese_stock_market_turbulence" title="2015–2016 Chinese stock market turbulence">2015–2016 Chinese stock market turbulence</a></span></li> <li><span class="nowrap"><a href="/wiki/2015%E2%80%932016_stock_market_selloff" title="2015–2016 stock market selloff">2015–2016 stock market selloff</a></span></li> <li><span class="nowrap"><a href="/wiki/Economic_effects_of_Brexit" title="Economic effects of Brexit">Brexit stock market crash</a> (2016)</span></li> <li><span class="nowrap"><a href="/wiki/Hyperinflation_in_Venezuela" title="Hyperinflation in Venezuela">Venezuelan hyperinflation</a> (2016–2022)</span></li> <li><span class="nowrap"><a href="/wiki/2017_Sri_Lankan_fuel_crisis" title="2017 Sri Lankan fuel crisis">2017 Sri Lankan fuel crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/Ghana_banking_crisis" title="Ghana banking crisis">Ghana banking crisis</a> (2017–2018)</span></li> <li><span class="nowrap"><a href="/wiki/Turkish_economic_crisis_(2018%E2%80%93current)" title="Turkish economic crisis (2018–current)">Turkish economic crisis</a> (2018–present)</span></li> <li><span class="nowrap"><a href="/wiki/Lebanese_liquidity_crisis" title="Lebanese liquidity crisis">Lebanese liquidity crisis</a> (2019–present)</span></li> <li><span class="nowrap"><a href="/wiki/Sri_Lankan_economic_crisis_(2019%E2%80%93present)" title="Sri Lankan economic crisis (2019–present)">Sri Lankan economic crisis</a> (2019–present)</span></li> <li><span class="nowrap"><a href="/wiki/Economic_impact_of_the_COVID-19_pandemic" title="Economic impact of the COVID-19 pandemic">COVID-19 pandemic</a></span> <ul><li><span class="nowrap"><a href="/wiki/Financial_market_impact_of_the_COVID-19_pandemic" title="Financial market impact of the COVID-19 pandemic">Financial market impact</a></span></li> <li><span class="nowrap"><a href="/wiki/2020_stock_market_crash" title="2020 stock market crash">2020 stock market crash</a></span></li> <li><span class="nowrap"><a href="/wiki/Early_2020s_recession" class="mw-redirect" title="Early 2020s recession">Recession</a></span></li></ul></li> <li><span class="nowrap"><a href="/wiki/Chinese_property_sector_crisis_(2020%E2%80%93present)" title="Chinese property sector crisis (2020–present)">Chinese property sector crisis</a> (2020–present)</span></li> <li><span class="nowrap"><a href="/wiki/2021%E2%80%932023_inflation_surge" title="2021–2023 inflation surge">2021–2023 inflation surge</a></span></li> <li><span class="nowrap"><a href="/wiki/Economic_impact_of_the_Russian_invasion_of_Ukraine" title="Economic impact of the Russian invasion of Ukraine">2022 Russian financial crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/Pakistani_economic_crisis_(2022%E2%80%93present)" title="Pakistani economic crisis (2022–present)">Pakistani economic crisis</a> (2022–present)</span></li> <li><span class="nowrap"><a href="/wiki/2022_stock_market_decline" title="2022 stock market decline">2022 stock market decline</a></span></li> <li><span class="nowrap"><a href="/wiki/German_economic_crisis_(2022%E2%80%93present)" title="German economic crisis (2022–present)">2022–2024 German economic crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/2023_United_States_banking_crisis" title="2023 United States banking crisis">2023 United States banking crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/2023%E2%80%932024_Egyptian_financial_crisis" title="2023–2024 Egyptian financial crisis">2023–2024 Egyptian financial crisis</a></span></li></ul> </div></td></tr><tr><td class="navbox-abovebelow" colspan="2"><div> <ul><li><span class="nowrap"><a href="/wiki/List_of_banking_crises" title="List of banking crises">List of banking crises</a></span></li> <li><span class="nowrap"><a href="/wiki/List_of_economic_crises" title="List of economic crises">List of economic crises</a></span></li> <li><span class="nowrap"><a href="/wiki/List_of_sovereign_debt_crises" title="List of sovereign debt crises">List of sovereign debt crises</a></span></li> <li><span class="nowrap"><a href="/wiki/List_of_stock_market_crashes_and_bear_markets" title="List of stock market crashes and bear markets">List of stock market crashes and bear markets</a></span></li></ul> </div></td></tr></tbody></table></div>    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