Knickerbocker Crisis, Panic of 1907

Knickerbocker Crisis, Panic of 1907

Entitled: "Well, for once they can't blame me". Puck Magazine cover art shows the Democratic donkey sitting among papers. Many are blamed, but no one will accept the responsibility for the Panic of 1907, a financial crisis that occurred in the United States when the NY Stock Exchange fell almost 50% from its peak the previous year. The panic was triggered by the failed attempt in October 1907 to corner the market on stock of the United Copper Company. When this bid failed, banks that had lent money to the cornering scheme suffered runs that later spread to affiliated banks and trusts, leading a week later to the downfall of the Knickerbocker Trust Company, NYC's third largest trust. The collapse of the Knickerbocker spread fear throughout the city's trusts as regional banks withdrew reserves from New York City banks. Panic extended across the nation as vast numbers of people withdrew deposits from their regional banks. At the time, the United States did not have a central bank to inject liquidity back into the market. Illustrated by John S. Pughe for Puck and published by Keppler & Schwarzmann, December 11, 1907.

ILLUSTRATION • History: United States

Album / LOC/Science Source

? Model Release: No - ? Property Release: No
Rights questions?

3586 x 4050 px | 41.6 MB

30.4 x 34.3 cm | 12.0 x 13.5 in (300 dpi)