The House of Morgan - Part 1 Chapter 7 Panic Summary & Analysis

Ron Chernow
This Study Guide consists of approximately 54 pages of chapter summaries, quotes, character analysis, themes, and more - everything you need to sharpen your knowledge of The House of Morgan.
This section contains 342 words
(approx. 1 page at 400 words per page)
Buy The House of Morgan Study Guide

Part 1 Chapter 7 Panic Summary and Analysis

Despite the warning signs, there is a stock market panic in October 1907. Pierpont is attending a religious convention in Richmond, Virginia when the panic occurs. Pierpont, flooded by telegrams, finally returns to New York early to deal with the panic. The panic results in massive selling of trust stocks and runs on banks as people try to withdraw their deposits. Morgan puts together a deal that keeps most of the brokerage houses solvent and keeps the New York Stock Exchange from closing. The panic of 1907 results in many changes in attitude in government. Pierpont Morgan negotiates many deals to save the brokerage houses and many businesses. Government begins to call for regulation of the stock exchange. The Federal Reserve System is created to deal with and prevent these panic situations.

The election of William Howard Taft as...

(read more from the Part 1 Chapter 7 Panic Summary)

This section contains 342 words
(approx. 1 page at 400 words per page)
Buy The House of Morgan Study Guide
Copyrights
BookRags
The House of Morgan from BookRags. (c)2016 BookRags, Inc. All rights reserved.
Follow Us on Facebook