On March 13th, the New York stock market plunged, a financial crisis that led to four years of recession. The year was 1907. Easy credit, wild financial speculation, and constriction of money supply were the culprits.
The next morning, the Brooklyn Daily Eagle described the frenzy on the trading floor, “Brokers rushed here and there in an effort to unload, and thousands of shares were dumped on the market in less time than the telling of it takes.”
Such a description of selling on the floor of the New York Stock Exchange would fit any financial panic experienced in this country, and there had been several since the founding of the Republic. Though each had similar symptoms of money supply constriction, each was also the part of the fabric of their unique eras. In 1907, a boom in industry and investment was upon the United States, at the dawn of what some would call the American Century. Credit flowed to the point of leaving lenders vulnerable.
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