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Panic Scene in New York 1907
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Panic Scene in New York 1907
Crowds in Wall Street, New York, during the recent run on the banks. Over a three-week period starting in mid-October, when the New York Stock Exchange fell almost 50% from its peak the previous year. Date: October 1907
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Media ID 32223916
© Illustrated London News Ltd/Mary Evans
Bank Bankers Banking Bankruptcy Banks Business Crash Crashed Crisis Crowds Dropped Economy Exchange Finance Financial Knickerbocker Money Panic Stock 1907
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EDITORS COMMENTS
This powerful print captures the chaotic scene on Wall Street in New York during the panic of 1907. Crowds of panicked individuals can be seen gathered outside banks, desperate to withdraw their money as the financial crisis unfolds.
The events depicted in this image took place over a three-week period in October 1907, when the New York Stock Exchange plummeted nearly 50% from its previous peak. The crash sent shockwaves through the banking industry, leading to runs on banks and widespread bankruptcies.
Bankers and businessmen are shown frantically trying to navigate the rapidly deteriorating situation, with many facing financial ruin. The Knickerbocker Trust Company was one of the most prominent casualties of the crisis, further exacerbating public fear and uncertainty.
This snapshot from history serves as a stark reminder of the fragility of our economic system and how quickly things can spiral out of control. It is a testament to the resilience of the United States economy that it was able to recover from such a devastating blow and emerge stronger than before.
As we look back on this momentous event, we are reminded of the importance of sound financial practices and regulatory oversight in safeguarding against future crises. The lessons learned from this tumultuous period continue to shape our understanding of modern finance and serve as a cautionary tale for generations to come.
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