J.P. Morgan Rushed Back to New York Amid 1907 Financial Crisis
In October 1907, financier J. P. Morgan left an Episcopal conference in Richmond to confront a market panic that had toppled two brokerages and triggered runs on trust firms and banks.
In October 1907, financier J. P. Morgan left an Episcopal conference in Richmond to confront a market panic that had toppled two brokerages and triggered runs on trust firms and banks.
Why it matters
It shows how private bankers once filled the role of a central bank, shaping the origins of modern monetary policy.
In this story
J. P. Morgan1907 panicstock market speculationbrokerage failurestrust company runsEpiscopal conferencepre-Fed era