Wall Street during
the Panic of 1907
|
Panic of 1907 History for kids: The Conspiracy
The banking industry was unsettled with
the emerging successes of trusts companies and refused
to provide financial support to the Knickerbocker Trust
Company bank. The Knickerbocker Trust was unable to save
itself from failure, and the public started to fear that
the banking and trust industries were experiencing
liquidity issues and the runs on banks began.
Panic of 1907 History for kids: President Roosevelt
President Theodore Roosevelt was also
blamed for the panic of 1907 because of his anti-trust
policies, which earned him the nickname of
"trust-buster". Before the 1907 crash, Roosevelt had
come into conflict with the powerful banker J.P. Morgan.
Panic of 1907 History for kids: Banking Reform
The Panic of 1907 resulted in banking
reforms and led to the establishment of a central
American bank when the Federal Reserve was created in
1913 during the presidency of Woodrow Wilson.
Panic of 1907 Timeline
This article provides a Timeline of the
events surrounding the Panic of 1907.
Panic of 1907 Timeline: Fast Facts for kids via the Timeline Fact
Sheet for kids
Interesting description and brief facts about the Panic of 1907 are
detailed in the Timeline Fact Sheet for kids. The story of Panic of 1907 is
told in a factual sequence consisting of a series of short facts
providing a simple method of relating the history, events and
effects of the Panic of 1907.
Panic of
1907 Timeline: Facts for kids
Panic of
1907 Timeline Fact 1: 1890
-
The
1890 Sherman Antitrust Act attempted to clamp
down on monopolies and protect against business
practices that limited competition, or controlled
prices.
Panic of
1907 Timeline Fact 2: 1904
- The
1904 Northern Securities Case was a victory for
President Roosevelt in his "trust-busting" efforts when
the Northern Securities Company, owned by banker J.P.
Morgan and railroad magnate James J. Hill, was taken to
court for violating the Sherman Antitrust Act
Panic of
1907 Timeline Fact 3:
18 April 1906 -
The
San Francisco
Earthquake caused considerable monetary problems
when many
insurance companies went bankrupt and
shares on the Stock Market began to fall
Panic of
1907 Timeline Fact 4: June 29, 1906
- The Hepburn Act which gave the
Interstate Commerce Commission the power to set maximum
railroad rates, resulted in the depreciation of the
value of railroad securities
Panic of
1907 Timeline Fact 5: July 1907
- Copper prices collapsed and stock
prices declined by 18%
Panic of
1907 Timeline Fact 6: August 1907
- President Roosevelt continued his
"trust-busting" activities by levying a $29 million
dollar fine against Standard Oil Corporation owned by
John D. Rockefeller. Stock prices fell again.
Panic of
1907 Timeline Fact 7: October 14, 1907
- Copper magnates Augustus and Otto
Heinze, attempted to corner the copper market. The plan
backfired, bankrupting the Heinze Brothers. The
Knickerbocker Trust, an American bank based in New York,
was also involved in the attempted manipulation of the
stock market
Panic of
1907 Timeline Fact 8: October 21, 1907
- The National Bank of Commerce
announced that it would no longer accept checks for the
Knickerbocker Trust Company.
Panic of
1907 Timeline Fact 9: October 22, 1907
- There was a run on the Knickerbocker
Trust Company bank.
Panic of
1907 Timeline Fact 10: October 23, 1907
- Charles Barney, the president of
the Knickerbocker Trust Company bank requested financial
assistance from J.P. Morgan - the banker flatly refused
to help. The Trust Company of America and Lincoln Trust
Company also collapsed
Panic of
1907 Timeline Fact 11: October 23, 1907
- The Trust Company of America and
Lincoln Trust Company also collapsed
Panic of
1907 Timeline Fact 12: October 24, 1907
- Banks started to collapse including
the Twelfth Ward Bank, Empire City Savings, the Hamilton
Bank of New York, First National Bank of Brooklyn,
International Trust Company, Williamsburg Trust Company,
Borough Bank of Brooklyn, Jenkins Trust Company and the
Union Trust Company of Providence.
Panic of
1907 Timeline Fact 13: October 24, 1907
- New York banks stopped making the
short-term loans that were used by stock traders and
prices on the Wall Street Stock exchange began to crash.
Panic of
1907 Timeline Fact 14: October 25, 1907
- The panic continued to increase on
Friday, October 25. J.P. Morgan attempted to get banks
to make short term loans. Morgan made a statement to
newspaper reporters: "If people will keep their money in
the banks, everything will be all right..."
Panic of
1907 Timeline Fact 15: October 28, 1907
- On Monday October 28, the New York
Clearing House issued $100 million in loan certificates
to be traded between banks and confidence in the banks
began to return
Panic of
1907 Timeline Fact 16: Saturday, Nov 2
- Moore & Schley, a major brokerage,
nearly collapses because its loans were uncertainly
backed by the Tennessee Coal, Iron & Railroad Company (TC&I)
U.S. Steel makes a proposal to purchase TC&I.
Panic of
1907 Timeline Fact 17: Mon, Nov 4, 1907
- President Roosevelt approves U.S.
Steel's takeover of TC&I, despite his trust-busting
stance
Panic of
1907 Timeline Fact 18: November 14, 1907
- Charles Barney, the president of
the Knickerbocker Trust Company bank was not financially
ruined by the crash, but he was ostracized from the
banking community and could not live with the disgrace.
He shot himself in the abdomen with a .32 caliber
revolver and died the same day.
Panic of
1907 Timeline Fact 19: Aftermath
- Following the Panic of 1907 and the
Stock Market Crash the
Postal Savings
System was established and it was decided that America to have
a central bank and the Federal Reserve was eventually
created in 1913.
Panic of
1907 Timeline: Facts for kids
Panic of 1907 for kids - President Theodore Roosevelt Video
The article on the Panic of 1907 provides detailed facts and a summary of one of the important events during his presidential term in office. The following video will
give you additional important facts and dates about the political events experienced by the 26th American President whose presidency spanned from September 14, 1901 to March 4, 1909.
Panic of 1907 for
Kids
●
Facts about the Panic of 1907 for kids and schools
●
Summary of the Panic of 1907 in US history
●
The Panic of 1907, a major
event in US history
●
The Bankers' Panic or Knickerbocker Crisis for kids
●
Fast, fun facts about the Panic of 1907
●
The cause and effect of the
Panic of 1907
● Theodore Roosevelt Presidency and
Panic of 1907 for schools,
homework, kids and children |