Labour V Capital cartoonA swarm gathers on Federal Hall in Wall Street during the bank panic in October 1907The Aldrich Plan - a cartoonA February 2, 1910 editorial cartoon in Puck, a political satire magazine from 1871 to 1918, titled: "The Central Bank—Why should Uncle Sam establish one, when Uncle Pierpont is already on the job?The headquarters of the Knickerbocker Trust Company at the northwest corner of Fith Avenue and 34th Street
The 1907 Crisis in Historical Perspective


Historical Timeline


Gold Standard Act passed establishing gold as the only standard for redeeming paper money


Founding of the United States Steel Corporation

1901 President Theodore Roosevelt takes office

Founding of the Bethlehem Steel Corporation


Equitable Life Assurance Scandal


Founding of The American Magazine, a periodical muckraking journal


Panic of 1907 - see below for a more detailed timeline.


Creation of Aldrich Bill


National Citizens' League established


Pujo Trials investigate "money trusts" including J.Pierpont Morgan (from May 1912 to 1913)


Passage of the Federal Reserve Act


Beginning of WWI


End of WWI


Senate Committee on Interstate Commerce examines salaries of railroad executives, NYT publishes findings


Publication of American Corporations and their Executives: A Statistical Inquiry by F.W. Taussig and W.S. Barker


Stock market crash, onset of Great Depression


"Report of the Federal Trade Commission on Compensation of Officers and Directors of Certain Corporations" released


1907 Timeline

Oct. 9, 1907

Failed attempt to manipulate stock of United Copper

Oct. 15, 1907

Stocks start to tumble.

Oct. 21, 1907

National Bank of Commerce announcement that it would stop accepting checks for the Knickerbocker Trust Company, triggering a run of depositors demanding their funds back and the eventual collapse of the Knickerbocker Trust Company

Oct. 22, 1907

The start of the bank run on the Knickerbocker Trust Company

Oct. 24, 1907

J. Pierpont Morgan arranged for a number of bankers to provide the then-colossal sum of $23 million to allow the New York Stock Exchange to continue operating

Nov. 2, 1907

Moore & Schley, a major brokerage, nears collapse because its loans were backed by the Tennesee Coal, Iron & Railroad Company (TC&I). Proposal is made fro U.S. Steel to purchase TC&I.

Nov. 4, 1907

President Roosevelt approves of the U.S. Steel's acquisition of the Tennessee Coal, Iron, and Railroad Company (TC&I)






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