The Panic of 1907, also known as the 1907 Bankers' Panic or Knickerbocker Crisis, 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 suddenly fell almost 50% from its peak the previous year. The panic occurred during a time of economic recession, and there were numerous runs affecting banks and trust companies. The 1907 panic eventually spread throughout the nation when many state and local banks and businesses entered bankruptcy. The primary causes of the run included a retraction of market liquidity by a number of New York City banks and a loss of confidence among depositors, exacerbated by unregulated side bets at bucket shops.
The Darden School of Business is the graduate business school of the University of Virginia, a public research university in Charlottesville, Virginia. The school offers MBA, PhD, and Executive Education programs.
Robert F. Bruner is University Professor at the University of Virginia, Distinguished Professor of Business Administration, and Dean Emeritus of the Darden School of Business. He was the eighth dean of Darden and has been a faculty member there since 1982. He teaches and conducts research in finance and management at the University of Virginia and has won numerous teaching awards.
Frederick "Fritz" Augustus Heinze was an American businessman, known as one of the three Copper Kings of Butte, Montana, along with William Andrews Clark and Marcus Daly. Contemporary assessments variously described him as an intelligent, charismatic but also devious character. To some people in Montana, he was seen as a hero for standing up to the Amalgamated Copper Company, but he also eventually sold his Butte interests to Amalgamated for a reported $12 million. Thereafter, he played a significant role in the Panic of 1907, for which he was indicted but eventually exonerated. Ultimately, Heinze's flamboyant, hard-drinking lifestyle resulted in a hemorrhage of the stomach thought to be caused by cirrhosis of the liver, and he died in November 1914, aged 44.
Frank Batten was a co-founder of the first nationwide, 24-hour cable weather channel, The Weather Channel. His media company, Landmark Media Enterprises, once owned nine daily newspapers, more than 50 weekly newspapers, television stations in Las Vegas and Nashville, and a national chain of classified advertising publications.
Robert Edward Freeman is an American philosopher and professor of business administration at the Darden School of the University of Virginia, particularly known for his work on stakeholder theory (1984) and on business ethics.
Edward Adams "Ted" Snyder is currently the William S. Beinecke Professor of Economics and Management at Yale School of Management. He has held two other business school deanships and was Senior Associate Dean at University of Michigan Ross School of Business.
The Batten Institute for entrepreneurship and innovation is one of the Centers of Excellence at the University of Virginia's Darden Graduate School of Business Administration. It was founded in 1999 with a $60 million gift to the Darden School from alumnus Frank Batten, chairman of Landmark Communications, founder of The Weather Channel.
Archibald Stevens Alexander was an American lawyer, civil servant, and Democratic politician. He served as Under Secretary of the United States Army in the Truman Administration and as New Jersey State Treasurer.
Charles Tracy Barney was an American banker who was the president of the Knickerbocker Trust Company, the collapse of which shortly before Barney's death sparked the Panic of 1907.
Charles Wyman Morse was an American businessman and speculator who committed frauds and engaged in corrupt business practices. At one time he controlled 13 banks. Known as the "Ice King" early in his career out of New York City, through Tammany Hall corruption he established a monopoly in New York's ice business, before buying several shipping companies and moving into high finance. His attempt to manipulate the price of copper-shares set off a wave of selling that developed into the Panic of 1907. Jailed for violating federal banking laws, he faked serious illness and was released. Later he was indicted for war profiteering and fraud.
The Virginia Law & Business Review is a premier journal of business law scholarship that is published three times per year by students of the University of Virginia School of Law. The student-editors are members of the Virginia Law & Business Review Association, a not-for-profit corporation chartered in the Commonwealth of Virginia.
The main belief behind the concept of a money trust is that the majority of the world's financial wealth and political power could be controlled by a powerful few.
Samuel E. Bodily is the John Tyler Professor of Business Administration at Darden School of Business, University of Virginia. He has Ph.D. and S.M. degrees from the MIT Sloan School of Management and a B.S. in physics from Brigham Young University. He teaches strategy and decision analysis in Darden's MBA and Executive Education programs. Professor Bodily's area of research is decision and risk analysis, strategy modeling and analysis, forecasting and lifetime consumption and investment planning.
Philadelphia financier Jay Cooke established the first modern American investment bank during the Civil War era. However, private banks had been providing investment banking functions since the beginning of the 19th century and many of these evolved into investment banks in the post-bellum era. However, the evolution of firms into investment banks did not follow a single trajectory. For example, some currency brokers such as Prime, Ward & King and John E. Thayer and Brother moved from foreign exchange operations to become private banks, taking on some investment bank functions. Other investment banks evolved from mercantile firms such as Thomas Biddle and Co. and Alexander Brothers.
Jeanne M. Liedtka, is an American strategist and professor of business administration at the Darden School of the University of Virginia, particularly known for her work on strategic thinking, design thinking and organic growth.
Scott C. Beardsley is an American-French professor and academic administrator. He serves as the dean of the Darden School of Business at the University of Virginia, where he is also the Charles C. Abbott Professor of Business.
The Trust Company of America was a large company in New York City. Founded on May 23, 1899 in Albany, New York, its founding president was Ashbel P. Fitch and it was initially located in the Singer Building in Manhattan's Financial District. In 1907 the company absorbed the Colonial Trust Company, a commercial bank. During the Panic of 1907 it was the target of a bank run starting on October 23, 1907, which it survived with the backing of J. Pierpont Morgan and an infusion of gold from the Bank of England and other European sources. The company ultimately represented a consolidation of the North American Trust Company, the former Trust Company of America, the City Trust Company and the Colonial Trust Company. The Trust Company of America was absorbed by the Equitable Trust Company in the spring of 1912.
Edward D. Hess is an American author and professor.
