Stillman
=<div><p style="margin: 0.5em 0px; line-height: 22.399999618530273px; color: rgb(37, 37, 37); font-size: 14px;"><span style="background-color: rgb(255, 255, 255);">The </span><b style="background-color: rgb(255, 255, 255);">Panic of 1907 –</b><span style="background-color: rgb(255, 255, 255);"> also known as the </span><b style="background-color: rgb(255, 255, 255);">1907 Bankers' Panic</b><span style="background-color: rgb(255, 255, 255);"> or </span><b style="background-color: rgb(255, 255, 255);"><a href="http://en.wikipedia.org/wiki/Knickerbocker" title="Knickerbocker" style="text-decoration: none; color: rgb(11, 0, 128); background: none;">Knickerbocker</a> Crisis</b><sup id="cite_ref-2" class="reference" style="line-height: 1; unicode-bidi: -webkit-isolate; background-color: rgb(255, 255, 255);"><a href="http://en.wikipedia.org/wiki/Panic_of_1907#cite_note-2" style="text-decoration: none; color: rgb(11, 0, 128); white-space: nowrap; background: none;">[1]</a></sup><span style="background-color: rgb(255, 255, 255);"> – was a United States </span><a href="http://en.wikipedia.org/wiki/Financial_crisis" title="Financial crisis" style="text-decoration: none; color: rgb(11, 0, 128); background-image: none; background-attachment: initial; background-color: initial; background-size: initial; background-origin: initial; background-clip: initial; background-position: initial; background-repeat: initial;">financial crisis</a><span style="background-color: rgb(255, 255, 255);"> that took place when the </span><a href="http://en.wikipedia.org/wiki/New_York_Stock_Exchange" title="New York Stock Exchange" style="text-decoration: none; color: rgb(11, 0, 128); background-image: none; background-attachment: initial; background-color: initial; background-size: initial; background-origin: initial; background-clip: initial; background-position: initial; background-repeat: initial;">New York Stock Exchange</a><span style="background-color: rgb(255, 255, 255);"> fell almost 50% from its peak the previous year. Panic occurred, as this was during a time of economic </span><a href="http://en.wikipedia.org/wiki/Recession" title="Recession" style="text-decoration: none; color: rgb(11, 0, 128); background-image: none; background-attachment: initial; background-color: initial; background-size: initial; background-origin: initial; background-clip: initial; background-position: initial; background-repeat: initial;">recession</a><span style="background-color: rgb(255, 255, 255);">, and there were numerous </span><a href="http://en.wikipedia.org/wiki/Bank_run" title="Bank run" style="text-decoration: none; color: rgb(11, 0, 128); background-image: none; background-attachment: initial; background-color: initial; background-size: initial; background-origin: initial; background-clip: initial; background-position: initial; background-repeat: initial;">runs on banks</a><span style="background-color: rgb(255, 255, 255);"> and </span><a href="http://en.wikipedia.org/wiki/Trust_company" title="Trust company" style="text-decoration: none; color: rgb(11, 0, 128); background-image: none; background-attachment: initial; background-color: initial; background-size: initial; background-origin: initial; background-clip: initial; background-position: initial; background-repeat: initial;">trust companies</a><span style="background-color: rgb(255, 255, 255);">. The 1907 panic eventually spread throughout the nation when many state and local banks and businesses entered </span><a href="http://en.wikipedia.org/wiki/Bankruptcy" title="Bankruptcy" style="text-decoration: none; color: rgb(11, 0, 128); background-image: none; background-attachment: initial; background-color: initial; background-size: initial; background-origin: initial; background-clip: initial; background-position: initial; background-repeat: initial;">bankruptcy</a><span style="background-color: rgb(255, 255, 255);">. Primary causes of the run included a retraction of </span><a href="http://en.wikipedia.org/wiki/Market_liquidity" title="Market liquidity" style="text-decoration: none; color: rgb(11, 0, 128); background-image: none; background-attachment: initial; background-color: initial; background-size: initial; background-origin: initial; background-clip: initial; background-position: initial; background-repeat: initial;">market liquidity</a><span style="background-color: rgb(255, 255, 255);"> by a number of </span><a href="http://en.wikipedia.org/wiki/New_York_City" title="New York City" style="text-decoration: none; color: rgb(11, 0, 128); background-image: none; background-attachment: initial; background-color: initial; background-size: initial; background-origin: initial; background-clip: initial; background-position: initial; background-repeat: initial;">New York City</a><span style="background-color: rgb(255, 255, 255);"> banks and a loss of confidence among </span><a href="http://en.wikipedia.org/wiki/Depositor" title="Depositor" class="mw-redirect" style="text-decoration: none; color: rgb(11, 0, 128); background-image: none; background-attachment: initial; background-color: initial; background-size: initial; background-origin: initial; background-clip: initial; background-position: initial; background-repeat: initial;">depositors</a><span style="background-color: rgb(255, 255, 255);">, exacerbated by unregulated </span><a href="http://en.wikipedia.org/wiki/Side_bet" title="Side bet" class="mw-redirect" style="text-decoration: none; color: rgb(11, 0, 128); background-image: none; background-attachment: initial; background-color: initial; background-size: initial; background-origin: initial; background-clip: initial; background-position: initial; background-repeat: initial;">side bets</a><span style="background-color: rgb(255, 255, 255);"> at </span><a href="http://en.wikipedia.org/wiki/Bucket_shop(stock_market)#History_in_the_United_States" title="Bucket shop (stock market)" style="text-decoration: none; color: rgb(11, 0, 128); background-image: none; background-attachment: initial; background-color: initial; background-size: initial; background-origin: initial; background-clip: initial; background-position: initial; background-repeat: initial;">bucket shops</a><span style="background-color: rgb(255, 255, 255);">.</span><sup id="cite_ref-3" class="reference" style="line-height: 1; unicode-bidi: -webkit-isolate; background-color: rgb(255, 255, 255);"><a href="http://en.wikipedia.org/wiki/Panic_of_1907#cite_note-3" style="text-decoration: none; color: rgb(11, 0, 128); white-space: nowrap; background: none;">[2]</a></sup><span style="background-color: rgb(255, 255, 255);"> The panic was triggered by the failed attempt in October 1907 to </span><a href="http://en.wikipedia.org/wiki/Cornering_the_market" title="Cornering the market" style="text-decoration: none; color: rgb(11, 0, 128); background-image: none; background-attachment: initial; background-color: initial; background-size: initial; background-origin: initial; background-clip: initial; background-position: initial; background-repeat: initial;">corner the market</a><span style="background-color: rgb(255, 255, 255);"> on </span><a href="http://en.wikipedia.org/wiki/Stock" title="Stock" style="text-decoration: none; color: rgb(11, 0, 128); background-image: none; background-attachment: initial; background-color: initial; background-size: initial; background-origin: initial; background-clip: initial; background-position: initial; background-repeat: initial;">stock</a><span style="background-color: rgb(255, 255, 255);"> of the </span><span style="background-color: rgb(255, 255, 102);"><a href="http://en.wikipedia.org/wiki/United_Copper" title="United Copper" style="text-decoration: none; color: rgb(11, 0, 128); background-image: none; background-attachment: initial; background-size: initial; background-origin: initial; background-clip: initial; background-position: initial; background-repeat: initial;">United Copper Company</a>. When this 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="http://en.wikipedia.org/wiki/Knickerbocker_Trust_Company" title="Knickerbocker Trust Company" style="text-decoration: none; color: rgb(11, 0, 128); background-image: none; background-attachment: initial; background-size: initial; background-origin: initial; background-clip: initial; background-position: initial; background-repeat: initial;">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="http://en.wikipedia.org/wiki/Regional_bank" title="Regional bank" style="text-decoration: none; color: rgb(11, 0, 128); background-image: none; background-attachment: initial; background-size: initial; background-origin: initial; background-clip: initial; background-position: initial; background-repeat: initial;">regional banks</a> withdrew <a href="http://en.wikipedia.org/wiki/Bank_reserves" title="Bank reserves" style="text-decoration: none; color: rgb(11, 0, 128); background-image: none; background-attachment: initial; background-size: initial; background-origin: initial; background-clip: initial; background-position: initial; background-repeat: initial;">reserves</a> from New York City banks. Panic extended across the nation as vast numbers of people withdrew deposits from their regional banks.</span></p><p style="margin: 0.5em 0px; line-height: 22.399999618530273px; color: rgb(37, 37, 37); font-size: 14px;"><span style="background-color: rgb(255, 255, 102);">The panic might have deepened if not for the intervention of financier <a href="http://en.wikipedia.org/wiki/J.P.Morgan" title="J. P. Morgan" style="text-decoration: none; color: rgb(11, 0, 128); background-image: none; background-attachment: initial; background-size: initial; background-origin: initial; background-clip: initial; background-position: initial; background-repeat: initial;">J. P. Morgan</a>,<sup id="cite_ref-FDS-H-04_4-0" class="reference" style="line-height: 1; unicode-bidi: -webkit-isolate;"><a href="http://en.wikipedia.org/wiki/Panic_of_1907#cite_note-FDS-H-04-4" style="text-decoration: none; color: rgb(11, 0, 128); white-space: nowrap; background-image: none; background-attachment: initial; background-size: initial; background-origin: initial; background-clip: initial; background-position: initial; background-repeat: initial;">[3]</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="http://en.wikipedia.org/wiki/Banking_in_the_United_States" title="Banking in the United States" style="text-decoration: none; color: rgb(11, 0, 128); background-image: none; background-attachment: initial; background-size: initial; background-origin: initial; background-clip: initial; background-position: initial; background-repeat: initial;">banking system</a>. At the time, the United States did not have a <a href="http://en.wikipedia.org/wiki/Central_bank" title="Central bank" style="text-decoration: none; color: rgb(11, 0, 128); background-image: none; background-attachment: initial; background-size: initial; background-origin: initial; background-clip: initial; background-position: initial; background-repeat: initial;">central bank</a> t</span><span style="background-color: rgb(255, 255, 255);">o inject liquidity back into the market. By November, the <a href="http://en.wikipedia.org/wiki/Financial_contagion" title="Financial contagion" style="text-decoration: none; color: rgb(11, 0, 128); background: none;">financial contagion</a> had largely ended, only to be replaced by a further crisis. This was due to the heavy borrowing of a large brokerage firm that used the stock of <a href="http://en.wikipedia.org/wiki/Tennessee_Coal,Iron_and_Railroad_Company" title="Tennessee Coal, Iron and Railroad Company" style="text-decoration: none; color: rgb(11, 0, 128); background: none;">Tennessee Coal, Iron and Railroad Company</a> (TC&I) as <a href="http://en.wikipedia.org/wiki/Collateral(finance)" title="Collateral (finance)" style="text-decoration: none; color: rgb(11, 0, 128); background: none;">collateral</a>. Collapse of TC&I's stock price was averted by an emergency takeover by Morgan's <a href="http://en.wikipedia.org/wiki/U.S.Steel_Corporation" title="U.S. Steel Corporation" class="mw-redirect" style="text-decoration: none; color: rgb(11, 0, 128); background: none;">U.S. Steel Corporation</a>—a move approved by <a href="http://en.wikipedia.org/wiki/Trust-busting" title="Trust-busting" class="mw-redirect" style="text-decoration: none; color: rgb(11, 0, 128); background: none;">anti-monopolist</a> president <a href="http://en.wikipedia.org/wiki/Theodore_Roosevelt" title="Theodore Roosevelt" style="text-decoration: none; color: rgb(11, 0, 128); background: none;">Theodore Roosevelt</a>. The following year, Senator <a href="http://en.wikipedia.org/wiki/Nelson_W.Aldrich" title="Nelson W. Aldrich" style="text-decoration: none; color: rgb(11, 0, 128); background: none;">Nelson W. Aldrich</a>, father-in-law of John D. Rockefeller, Jr., established and chaired a commission to investigate the crisis and propose future solutions, leading to the creation of the <a href="http://en.wikipedia.org/wiki/Federal_Reserve_System" title="Federal Reserve System" style="text-decoration: none; color: rgb(11, 0, 128); background: none;">Federal Reserve System</a>.<sup id="cite_ref-FDS-H-05_5-0" class="reference" style="line-height: 1; unicode-bidi: -webkit-isolate;"><a href="http://en.wikipedia.org/wiki/Panic_of_1907#cite_note-FDS-H-05-5" style="text-decoration: none; color: rgb(11, 0, 128); white-space: nowrap; background: none;">[4]</a></sup><sup id="cite_ref-FDS-H-06_6-0" class="reference" style="line-height: 1; unicode-bidi: -webkit-isolate;"><a href="http://en.wikipedia.org/wiki/Panic_of_1907#cite_note-FDS-H-06-6" style="text-decoration: none; color: rgb(11, 0, 128); white-space: nowrap; background: none;">[5]</a></sup></span></p><p style="margin: 0.5em 0px; line-height: 22.399999618530273px; color: rgb(37, 37, 37); font-size: 14px; background-color: rgb(255, 255, 255);" /><div id="toc" class="toc" style="border: 1px solid rgb(170, 170, 170); padding: 7px; font-size: 13px; display: table; zoom: 1; color: rgb(37, 37, 37); background-color: rgb(249, 249, 249);"><div id="toctitle" style="direction: ltr; text-align: center;"><h2 style="color: black; margin: 1em 0px 0.25em; overflow: hidden; padding: 0px; border: none; font-size: 13px; display: inline; line-height: 1.3; background: none;">Contents</h2> <span class="toctoggle" style="-webkit-user-select: none; font-size: 13px;"> [<a href="http://en.wikipedia.org/wiki/Panic_of_1907#" class="internal" id="togglelink" style="text-decoration: none; color: rgb(11, 0, 128); background: none;">hide</a>] </span></div><ul style="line-height: 1.6; list-style-type: none; margin: 0.3em 0px; padding: 0px; list-style-image: none;"><li class="toclevel-1 tocsection-1" style="margin-bottom: 0.1em;"><a href="http://en.wikipedia.org/wiki/Panic_of_1907#Economic_conditions" style="text-decoration: none; color: rgb(11, 0, 128); background: none;"><span class="tocnumber">1</span> <span class="toctext">Economic conditions</span></a></li><li class="toclevel-1 tocsection-2" style="margin-bottom: 0.1em;"><a href="http://en.wikipedia.org/wiki/Panic_of_1907#Panic" style="text-decoration: none; color: rgb(11, 0, 128); background: none;"><span class="tocnumber">2</span> <span class="toctext">Panic</span></a><ul style="line-height: 1.6; list-style-type: none; margin: 0px 0px 0px 2em; padding: 0px; list-style-image: none;"><li class="toclevel-2 tocsection-3" style="margin-bottom: 0.1em;"><a href="http://en.wikipedia.org/wiki/Panic_of_1907#Cornering_copper" style="text-decoration: none; color: rgb(11, 0, 128); background: none;"><span class="tocnumber">2.1</span> <span class="toctext">Cornering copper</span></a></li><li class="toclevel-2 tocsection-4" style="margin-bottom: 0.1em;"><a href="http://en.wikipedia.org/wiki/Panic_of_1907#Contagion_spreads" style="text-decoration: none; color: rgb(11, 0, 128); background: none;"><span class="tocnumber">2.2</span> <span class="toctext">Contagion spreads</span></a></li><li class="toclevel-2 tocsection-5" style="margin-bottom: 0.1em;"><a href="http://en.wikipedia.org/wiki/Panic_of_1907#Panic_hits_the_trusts" style="text-decoration: none; color: rgb(11, 0, 128); background: none;"><span class="tocnumber">2.3</span> <span class="toctext">Panic hits the trusts</span></a></li><li class="toclevel-2 tocsection-6" style="margin-bottom: 0.1em;"><a href="http://en.wikipedia.org/wiki/Panic_of_1907#J.P.Morgan" style="text-decoration: none; color: rgb(11, 0, 128); background: none;"><span class="tocnumber">2.4</span> <span class="toctext">J.P. Morgan</span></a></li><li class="toclevel-2 tocsection-7" style="margin-bottom: 0.1em;"><a href="http://en.wikipedia.org/wiki/Panic_of_1907#Stock_exchange_nears_collapse" style="text-decoration: none; color: rgb(11, 0, 128); background: none;"><span class="tocnumber">2.5</span> <span class="toctext">Stock exchange nears collapse</span></a></li><li class="toclevel-2 tocsection-8" style="margin-bottom: 0.1em;"><a href="http://en.wikipedia.org/wiki/Panic_of_1907#Crisis_of_confidence" style="text-decoration: none; color: rgb(11, 0, 128); background: none;"><span class="tocnumber">2.6</span> <span class="toctext">Crisis of confidence</span></a></li><li class="toclevel-2 tocsection-9" style="margin-bottom: 0.1em;"><a href="http://en.wikipedia.org/wiki/Panic_of_1907#Drama_at_the_library" style="text-decoration: none; color: rgb(11, 0, 128); background: none;"><span class="tocnumber">2.7</span> <span class="toctext">Drama at the library</span></a></li></ul></li><li class="toclevel-1 tocsection-10" style="margin-bottom: 0.1em;"><a href="http://en.wikipedia.org/wiki/Panic_of_1907#Aftermath" style="text-decoration: none; color: rgb(11, 0, 128); background: none;"><span class="tocnumber">3</span> <span class="toctext">Aftermath</span></a><ul style="line-height: 1.6; list-style-type: none; margin: 0px 0px 0px 2em; padding: 0px; list-style-image: none;"><li class="toclevel-2 tocsection-11" style="margin-bottom: 0.1em;"><a href="http://en.wikipedia.org/wiki/Panic_of_1907#Central_bank" style="text-decoration: none; color: rgb(11, 0, 128); background: none;"><span class="tocnumber">3.1</span> <span class="toctext">Central bank</span></a></li><li class="toclevel-2 tocsection-12" style="margin-bottom: 0.1em;"><a href="http://en.wikipedia.org/wiki/Panic_of_1907#Pujo_Committee" style="text-decoration: none; color: rgb(11, 0, 128); background: none;"><span class="tocnumber">3.2</span> <span class="toctext">Pujo Committee</span></a></li></ul></li><li class="toclevel-1 tocsection-13" style="margin-bottom: 0.1em;"><a href="http://en.wikipedia.org/wiki/Panic_of_1907#In_fiction" style="text-decoration: none; color: rgb(11, 0, 128); background: none;"><span class="tocnumber">4</span> <span class="toctext">In fiction</span></a></li><li class="toclevel-1 tocsection-14" style="margin-bottom: 0.1em;"><a href="http://en.wikipedia.org/wiki/Panic_of_1907#Timeline" style="text-decoration: none; color: rgb(11, 0, 128); background: none;"><span class="tocnumber">5</span> <span class="toctext">Timeline</span></a></li><li class="toclevel-1 tocsection-15" style="margin-bottom: 0.1em;"><a href="http://en.wikipedia.org/wiki/Panic_of_1907#See_also" style="text-decoration: none; color: rgb(11, 0, 128); background: none;"><span class="tocnumber">6</span> <span class="toctext">See also</span></a></li><li class="toclevel-1 tocsection-16" style="margin-bottom: 0.1em;"><a href="http://en.wikipedia.org/wiki/Panic_of_1907#Notes" style="text-decoration: none; color: rgb(11, 0, 128); background: none;"><span class="tocnumber">7</span> <span class="toctext">Notes</span></a></li><li class="toclevel-1 tocsection-17" style="margin-bottom: 0.1em;"><a href="http://en.wikipedia.org/wiki/Panic_of_1907#References" style="text-decoration: none; color: rgb(11, 0, 128); background: none;"><span class="tocnumber">8</span> <span class="toctext">References</span></a></li><li class="toclevel-1 tocsection-18" style="margin-bottom: 0.1em;"><a href="http://en.wikipedia.org/wiki/Panic_of_1907#Bibliography" style="text-decoration: none; color: rgb(11, 0, 128); background: none;"><span class="tocnumber">9</span> <span class="toctext">Bibliography</span></a></li><li class="toclevel-1 tocsection-19" style="margin-bottom: 0.1em;"><a href="http://en.wikipedia.org/wiki/Panic_of_1907#External_links" style="text-decoration: none; color: rgb(11, 0, 128); background: none;"><span class="tocnumber">10</span> <span class="toctext">External links</span></a></li></ul></div><p style="margin: 0.5em 0px; line-height: 22.399999618530273px; color: rgb(37, 37, 37); font-size: 14px; background-color: rgb(255, 255, 255);" /><h2 style="font-weight: normal; margin: 1em 0px 0.25em; overflow: hidden; padding: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(170, 170, 170); font-family: 'Linux Libertine', Georgia, Times, serif; line-height: 1.3; background: none rgb(255, 255, 255);"><span class="mw-headline" id="Economic_conditions"><font size="3">Economic condition</font></span></h2></div><div></div>