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Bank Panic of 1907...
Bank Panic of 1907...
Item # 723816
November 01, 1907
THE EVENING TRIBUNE, San Diego, Nov. 1, 1907
* The Bank Panic of 1907
* Stock Market - Wall Street decline
The front page has a nice banner headline: "CALIFORNIA BANKS DOING BUSINESS" with subheads. (see images) Surprisingly this issue is in good condition being from the "wood pulp" era. Very hard to find issues that are not totally fragile from this era in paper.
Complete with 10 pages, small library stamp within the masthead, a few small binding holes along the spine, generally very nice.
AI notes: The Bank Panic of 1907 was a severe financial crisis in the United States triggered by a failed attempt in October 1907 to corner the market on United Copper Company stock, which collapsed and undermined confidence in banks and trust companies linked to the scheme. As rumors spread, depositors rushed to withdraw funds, especially from New York trust companies, which were less regulated and held smaller cash reserves than national banks. The crisis intensified when the Knickerbocker Trust Company suspended operations, setting off widespread bank runs and freezing credit nationwide. With no central bank to act as lender of last resort, financier J. P. Morgan organized private bankers to pool funds and stabilize key institutions, while the U.S. Treasury injected government deposits into banks to ease the panic. Although these measures eventually restored confidence, the episode exposed deep weaknesses in the American financial system and directly led to the Federal Reserve Act of 1913, creating the Federal Reserve System to prevent future crises.
Category: The 20th Century
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