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The Bank Panic of 1907: The Role of Trust Companies

Published online by Cambridge University Press:  03 March 2009

Jon Moen  and
Ellis W. Tallman
Jon Moen
Affiliation:
Assistant Professor of Economics, The University of Mississippi, University, MS 38677.
Ellis W. Tallman
Affiliation:
Economist, The Federal Reserve Bank of Atlanta, Atlanta, GA 30303.
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Abstract

The Bank Panic of 1907 was one of the most severe financial crises in the United States before the Great Depression. Although contemporaries realized that the panic in New York City was centered at trust companies, subsequent research has relied heavily on national bank data. Balance sheet data for trust companies and state banks as well as call reports of national banks indicate that the contraction of loans and deposits in New York City during the panic was confined to the trust companies.

Type
Articles
Information
The Journal of Economic History , Volume 52 , Issue 3 , September 1992 , pp. 611 - 630
Copyright
Copyright © The Economic History Association 1992

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