Panic of 1907

The Panic of 1907 was a severe U.S. financial crisis marked by bank runs, falling stock prices, and failures of trust companies. J. P. Morgan helped organize private rescue efforts as the crisis spread.

United Copper Company: A copper-mining company at the center of a failed 1907 stock-cornering attempt by F. Augustus Heinze. The collapse of its shares triggered losses among banks linked to Heinze.
J. P. Morgan: An American financier who led major banking interests and organized private interventions during financial crises. He coordinated rescue loans and institutional support when no central bank could act.
Aldrich–Vreeland Act: A 1908 U.S. law that authorized emergency currency and created the National Monetary Commission. Congress enacted it in response to the shortage of currency during the panic.
Panic of 1893: A severe U.S. economic depression beginning in 1893, marked by bank failures, business collapses, and high unemployment. It was an earlier banking crisis that likewise exposed weaknesses in U.S. financial arrangements.
F. Augustus Heinze: A Montana copper magnate and banker whose failed stock speculation helped precipitate the 1907 panic. His United Copper scheme exposed financial ties that spread suspicion through New York banking.
George B. Cortelyou: U.S. Treasury secretary from 1907 to 1909 under President Theodore Roosevelt. He deposited federal funds in banks to ease the cash shortage.
National Monetary Commission: A U.S. congressional commission created in 1908 to study banking and currency reform. Its investigations translated the panic’s lessons into proposals for a new financial structure.
Panic of 1873: A financial crisis beginning with a banking collapse in 1873 that ushered in a prolonged economic downturn. It offers an earlier comparison for how financial shocks spread through the U.S. economy.
Knickerbocker Trust Company: A New York trust company whose suspension in October 1907 intensified the financial panic. Its failure followed the United Copper collapse and became a focal point for public alarm.
Theodore Roosevelt: The 26th president of the United States, serving from 1901 to 1909. His administration’s antitrust actions and crisis response formed part of the political backdrop.

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