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Panic of 1907 in Wall Street, New York
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Panic of 1907 in Wall Street, New York
The 1907 Bankers Panic or Knickerbocker Crisis lasted three-weeks where the stock exchange had dropped almost 50% from its peak the previous year. During a time of economic recession, numerous runs on banks and trust companies and also panic at the stock exchange, widespread panic throughout the USA occurred and local banks and businesses entered bankruptcy. Date: October 1907
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Media ID 14417308
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Bank Bankers Bankruptcy Banks Crisis Crowds Dropped Exchange Fell Knickerbocker Money Panic Stock Trust 1907
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October 1907: A Sea of Anxiety on Wall Street, New York This evocative photograph captures the chaos and turmoil of the Panic of 1907, also known as the Knickerbocker Crisis, which gripped Wall Street, New York, for three weeks starting in late October of that year. Amidst an economic recession, the stock exchange had plummeted almost 50% from its peak the previous year, triggering widespread panic throughout the United States. In this scene, a large crowd of concerned citizens and investors gather on the streets of Wall Street, their faces etched with anxiety and uncertainty. The once bustling financial hub now resembled a scene of disarray, with people jostling for information and attempting to withdraw their savings from local banks and trust companies. The Knickerbocker Trust Company, a prominent financial institution, had recently failed, adding fuel to the panic. The building that once housed the company now stood empty and desolate, a stark reminder of the financial instability that had taken hold of the nation. As the crisis deepened, numerous banks and businesses entered bankruptcy, leaving many Americans to question the stability of their own financial futures. The panic on Wall Street spread throughout the country, causing a ripple effect that would take months to subside. This photograph serves as a poignant reminder of the fragility of the financial system during this era and the profound impact that economic instability can have on individuals and communities alike.
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