Panic of 1907
E240792
The Panic of 1907 was a major U.S. financial crisis marked by bank runs and stock market turmoil that exposed weaknesses in the banking system and led to significant monetary reforms.
All labels observed (2)
| Label | Occurrences |
|---|---|
| Panic of 1907 canonical | 7 |
| Panic of 1907 financial crisis | 1 |
Statements (49)
| Predicate | Object |
|---|---|
| instanceOf |
banking panic
ⓘ
financial crisis ⓘ stock market crash ⓘ |
| affectedSector |
New York Stock Exchange
ⓘ
commercial banks ⓘ trust companies ⓘ |
| alsoKnownAs | Knickerbocker Crisis ⓘ |
| country |
United States of America
ⓘ
surface form:
United States
|
| describedIn |
National Monetary Commission reports
ⓘ
The Memoirs of J. P. Morgan ⓘ |
| economicContext | occurred during the Progressive Era in the United States ⓘ |
| endDate | 1908-01-01 ⓘ |
| field |
economic history
ⓘ
financial history ⓘ |
| followedBy |
Aldrich–Vreeland Act
ⓘ
National Monetary Commission ⓘ creation of the Federal Reserve System ⓘ |
| hasCause |
failed attempt to corner United Copper Company stock
ⓘ
inadequate banking regulation in the United States ⓘ lack of an elastic currency ⓘ loss of confidence in trust companies ⓘ |
| hasEffect |
contraction of credit
ⓘ
economic recession in the United States ⓘ greater support for banking reform ⓘ increased public distrust of Wall Street ⓘ sharp fall in U.S. stock prices ⓘ widespread bank runs in the United States ⓘ |
| influenced |
Federal Reserve Act of 1913
ⓘ
design of the Federal Reserve System ⓘ subsequent U.S. banking regulation ⓘ |
| keyEvent |
Treasury deposits of government funds into banks
ⓘ
liquidity support organized by J. P. Morgan ⓘ run on Knickerbocker Trust Company ⓘ suspension of Knickerbocker Trust Company ⓘ |
| location |
New York City
ⓘ
United States of America ⓘ
surface form:
United States
|
| mainImpact |
demonstrated need for a central bank in the United States
ⓘ
exposed weaknesses in the U.S. banking system ⓘ |
| pointInTime | 1907 ⓘ |
| precededBy | Panic of 1893 ⓘ |
| regulatoryResponse |
Aldrich–Vreeland Act
ⓘ
surface form:
Aldrich–Vreeland emergency currency provisions
creation of a lender-of-last-resort role for the U.S. Treasury ⓘ |
| significantPerson |
Benjamin Strong Jr.
ⓘ
George B. Cortelyou ⓘ J. P. Morgan ⓘ John D. Rockefeller ⓘ Nelson W. Aldrich ⓘ Theodore Roosevelt ⓘ |
| startDate | 1907-10-14 ⓘ |
Referenced by (8)
Full triples — surface form annotated when it differs from this entity's canonical label.
this entity surface form:
Panic of 1907 financial crisis