1907 Bankers' Panic Knickerbocker Crisis

Finance

Banker

Augustus Heinze

Charles Morse

Date

Crashed, 1907

Description Show more

The Panic of 1907 began with a run on the Knickerbocker Trust Co. of New York. News soon emerged that it was caught up in a scam by bankers Augustus Heinze and Charles Morse, who had borrowed and embezzled vast sums to corner the market in shares of United Copper causing the NY Stock Exchange to fall 50% from its peak

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New York Stock Exchange

11 Wall Street, East New York, NY, US 10005

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Headquarters of the Knickerbocker Trust Company at the northwest corner of Fifth Avenue and 34th Street, by McKim Mead White

A crowd forms on Wall Street during the Bankers Panic of 1907

Floor of the New York Stock Exchange

The curb outside the New York Stock Exchange's building, where panic began

Drawings and Documents

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Cartoon of J. P. Morgan seizing control of banks

The panic Illustration shows a crowd of capitalists on Wall Street fleeing a volcano labeled "Common Honesty" erupting in the background; they are carrying packages labeled "Secret Rate Schedules, Rebate Agreements, Watered Stocks, and Frenzied Accounts". The top of the volcano shows the face of Theodore Roosevelt.

It might help some if Wall Street gave trading stamps The illustration shows a throng of people on Wall Street rushing to purchase stocks from trading houses that offer various amounts of green or pink trading stamps.

Well, for once they can't blame me Illustration shows the Democratic donkey labeled "Democratic Party" sitting among papers that state "The Trusts are to Blame", "Harriman is to Blame", "Wall Street is to Blame", "High Finance is to Blame", "Roosevelt is to Blame / Roosevelt is Not to Blame", "Overcapitalization is to Blame", "The Rail-Roads are to Blame", and "Crooked Business is to Blame". Many are blamed, but no one will accept the responsibility for the panic of 1907.

Cartoon of J. P. Morgan seizing control of banks