Knickerbocker Crisis
E853103
The Knickerbocker Crisis was a major U.S. financial panic in 1907 that triggered bank runs and led to significant reforms in the American banking system, including the creation of the Federal Reserve.
All labels observed (1)
| Label | Occurrences |
|---|---|
| Knickerbocker Crisis canonical | 1 |
Statements (48)
| Predicate | Object |
|---|---|
| instanceOf | financial crisis ⓘ |
| alsoKnownAs | Panic of 1907 NERFINISHED ⓘ |
| appliesToJurisdiction | New York City NERFINISHED ⓘ |
| chronology | predecessor to the Federal Reserve era in U.S. banking ⓘ |
| country |
United States of America
ⓘ
surface form:
United States
|
| describedBySource | U.S. financial history literature ⓘ |
| endTime | 1907-11 ⓘ |
| field | economic history ⓘ |
| followedBy | creation of the Federal Reserve System ⓘ |
| hasCause |
failed attempt to corner the stock of United Copper Company
ⓘ
loss of confidence in trust companies ⓘ speculative excesses on Wall Street ⓘ |
| hasEffect |
contraction of credit
ⓘ
decline in stock prices ⓘ development of plans that led to the Federal Reserve Act of 1913 ⓘ establishment of the National Monetary Commission ⓘ increase in interest rates ⓘ passage of the Aldrich–Vreeland Act of 1908 ⓘ pressure for banking and currency reform in the United States ⓘ public loss of confidence in trust companies ⓘ recognition of need for a lender of last resort in the United States ⓘ severe disruption of the U.S. banking system ⓘ strengthening of New York Clearing House Association’s role ⓘ |
| hasPart |
interbank suspensions of payments
ⓘ
run on Knickerbocker Trust Company ⓘ runs on other New York trust companies ⓘ use of clearing-house loan certificates ⓘ |
| location |
New York City
ⓘ
New York ⓘ
surface form:
New York State
United States of America ⓘ
surface form:
United States
|
| mainVictim | Knickerbocker Trust Company NERFINISHED ⓘ |
| partOf | history of banking in the United States ⓘ |
| pointInTime | 1907 ⓘ |
| significantEvent |
bank runs on New York trust companies
ⓘ
intervention by J. P. Morgan and other financiers ⓘ liquidity crisis in the call money market ⓘ shortage of currency and cash ⓘ suspension of operations by Knickerbocker Trust Company ⓘ temporary closure of stock exchange for limited hours ⓘ widespread withdrawals of deposits ⓘ |
| significantPerson |
Charles T. Barney
NERFINISHED
ⓘ
George L. Rives NERFINISHED ⓘ J. P. Morgan NERFINISHED ⓘ James Stillman NERFINISHED ⓘ John D. Rockefeller NERFINISHED ⓘ Nelson W. Aldrich NERFINISHED ⓘ Theodore Roosevelt NERFINISHED ⓘ |
| startTime | 1907-10 ⓘ |
Referenced by (1)
Full triples — surface form annotated when it differs from this entity's canonical label.