Forty Years of American Finance: A Short Financial History of the Government and People of the United States since the Civil War, 1865-1907

By Alexander Dana Noyes | Go to book overview

CHAPTER XV
THE PANIC OF 1907

WE have seen what warnings were finding utterance during 1906, both in the comments of experienced critics and in the action of the money markets, as to a possible approaching crisis. The powerful capitalists who were conducting the American speculation of the day paid no heed to them. Nor, apparently, did financial Europe, where it was stated on the highest banking authority, in the middle of 1906, that the United States, if it wished, "can borrow from Europe to a practically unlimited extent this season."1 This promise was made good. Serious estimates of the use of outside capital, in connection with Wall Street's undertakings of the season, name sums which bewilder the imagination. Credit for upwards of $500,000,000 was asserted in conservative quarters to have been obtained from Europe,2

____________________
1
Berlin correspondence New York Evening Post, July 21, 1906, Financial Section, p. 1.
2
Alexander Gilbert, President of New York Clearing House, speech to New York State Bankers' Association, Jan. 27, 1907. London correspondence New York Evening Post, Oct. 27, 1906, Financial Section, p. 1.

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