1907 Panic
(Redirected from Panic of 1907)
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| Date | October 1907 - November 1907 |
|---|---|
| Perpetrators | The money trust, John D. Rockefeller, J. P. Morgan |
| Description | John D. Rockefeller and J. P. Morgan conspired to remove opposition to control of the US money system by the money trust. |
The 1907 Panic was a financial crisis that took place in the United States over a three-week period starting in mid-October, when the New York Stock Exchange fell almost 50% from its peak the previous year. "Oakleigh Thorne and the Trust Company of America were brought to their knees and placed at the mercy of J. P. Morgan himself."[1]
Origins
Antony Sutton wrote in The Federal Reserve Conspiracy that the 1907 panic was an planned effort to remove opposition to control of the US money system by the money trust.[2] He cites another quote "that the 1907 panic was precipitated by the struggle to get rid of Heinze."[3]
Related Quotation
| Page | Quote | Author |
|---|---|---|
| Frederick Heinze | “Heinze brought his copper fortune to New York and joined with C. W. Morse of the Ice Trust. Jointly they acquired control of Mercantile National Bank, using the assets of the Bank of North America already dominated by Morse. Heinze and Morse then acquired control of the Knickerbocker Trust Company, allied with the Trust Company of America and Lincoln Trust. They then incorporated a speculative vehicle, the United Copper Company. It was stock market games with United Copper that precipitated the 1907 crisis. Banks under control of the "money trust" called their loans to United Copper and began a run on the Heinze-Morse Mercantile National Bank. It is now generally agreed "that the 1907 panic was precipitated by the struggle to get rid of Heinze."” | Frederick Heinze Antony Sutton |
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