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Wall Street during the bank panic in October 1907. Federal Hall National Memorial, with its statue of George Washington, is seen on the right.. The Panic of 1907, also known as the 1907 Bankers' Panic or Knickerbocker Crisis, [1] was a financial crisis that took place in the United States over a three-week period starting in mid-October, when the New York Stock Exchange suddenly fell almost 50 ...
J. P. Morgan. John Pierpont Morgan (April 17, 1837 – March 31, 1913) [1] was an American financier and investment banker who dominated corporate finance on Wall Street throughout the Gilded Age and Progressive Era. As the head of the banking firm that ultimately became known as J.P. Morgan and Co., he was a driving force behind the wave of ...
The failure of the Knickerbocker was the impetus for the Panic of 1907, [8] [9] and exacerbated an ongoing decline in the stock market that saw the Dow Jones Industrial Average lose 48% of its value from January 1906 to November 1907. The banking crisis is also seen as the final event that led Congress to form the Federal Reserve System in 1913 ...
By 1900, J.P. Morgan was the most important investment banker in the United States and "the dominant figure in all the Drexel banks." [31] The Morgan interests were involved in many of the largest investment actions of the 1890s-1910s. The Morgan partners used their large social networks to create an ethos of expertise.
By the beginning of 1933, the banking system in the United States had effectively ceased to function. The incoming Roosevelt administration and the incoming Congress took immediate steps to pass legislation to respond to the Great Depression. Roosevelt entered office with enormous political capital.
These depressions were often set off by banking crisis, the most significant occurring in 1873, 1893, 1901, and 1907. [14] Before the 1913 establishment of the Federal Reserve, the banking system had dealt with these crises in the U.S. (such as in the Panic of 1907) by suspending the convertibility of deposits into currency. Starting in 1893 ...
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Benjamin Strong Jr. (December 22, 1872 – October 16, 1928) was an American banker. He served as Governor of the Federal Reserve Bank of New York for 14 years until his death. He exerted great influence over the policy and actions of the entire Federal Reserve System and indeed over the financial policies of all of the United States and Europe.