Archival Sources

Our research into the events of 1907 drew on diaries, letters, cables, memoranda, notes, newspaper clippings, and memoirs in the following archives:

• Benjamin Strong Papers, Federal Reserve Bank of New York, New York.
• George W. Perkins Papers, Rare Book and Manuscript Library, Columbia University, New York, New York.
• Herbert L. Satterlee Papers, Morgan Library and Museum, New York, New York.
• J. S. Morgan & Company Papers, Guildhall Library, London, United Kingdom.
• Morgan Grenfell & Company Papers, Guildhall Library, London, United Kingdom.
• Morgan Family Papers, Morgan Library and Museum, New York, New York.
• Thomas W. Lamont Papers, Baker Library, Harvard Graduate School of Business Administration, Boston, Massachusetts.
• Frank A. Vanderlip Papers, Butler Library, Columbia University, New York, New York.
• Otto C. Heinze Papers, Butte‐Silver Bow Public Archives, Butte, Montana.

Contemporary Accounts

Five periodicals provided an excellent stream of contemporary reporting and opinion:

1. Commercial and Financial Chronicle, Volume 84, 1907
2. New York Times, 1897–1913
3. Wall Street Journal, 1897–1913
4. Washington Post, 1897–1913
5. Chicago Daily Tribune, 1897–1913

For a factual perspective on life in the first decade of the twentieth century, we consulted Encyclopaedia Britannica, 11th ed. (1910), Cambridge, UK: Cambridge University Press.

Contemporary accounts were supplemented by histories and biographical accounts written by contemporary observers of the events of 1907—see the works by Glass, Owen, Warburg, Satterlee, Clews, and Tarbell. The correspondence of Theodore Roosevelt was valuable concerning his thinking before, during, and after the Panic:

• Elting E. Morison, John Morton Blum, Alfred D. Chandler, Jr., and Sylvia Rice, eds., 1952. The Letters of Theodore Roosevelt, Volumes 5–6, Cambridge, MA: Harvard University Press.

Quantitative Data

We obtained quotations on financial assets from editions of the Commercial and Financial Chronicle, the New York Times, and the Wall Street Journal and economic data from these sources:

• National Bureau of Economic Research, Macrohistory Database, FRED Economic Data, Federal Reserve Bank of St. Louis.
• International Finance Center, Yale University School of Management, original databases on security prices.
• Jutta Bolt and Jan Luiten van Zanden. 2020. Maddison Project Database, version 2020, “Maddison style estimates of the evolution of the world economy. A new 2020 update.”
• Bank of England Research Datasets.
• U.S. Department of Commerce, 1975. Historical Statistics of the United States, Colonial Times to 1970.

Government Reports, Addresses, and Documents

Materials published by the U.S. federal government and by the State of New York afforded a rich trove of data and insight into the evolution of views by elected and appointed government officials. Valuable resources related to the Panic of 1907 and the civic reaction are:

New York State. 1906. Annual Report of the Superintendent of Banks Relative to Savings Banks, Trust Companies, Safe deposit Companies and Miscellaneous Corporations, for the Year 1905. Albany: Brandow Printing Company, State Legislative Printer.

New York State. 1908. Annual Report of the Superintendent of Banks Relative to Savings Banks, Trust Companies, Safe deposit Companies and Miscellaneous Corporations, for the Year 1907. Albany: J.B. Lyon Company, Printers.

New York State. 1913. Annual Report of the Superintendent of Banks Relative to Savings and Loan Associations For the Year 1912. March 15, 1913. Albany: J.B. Lyon Company, Printers.

State of the Union Address, 1901. President Theodore Roosevelt, December 3, 1901.

State of the Union Address, 1902. President Theodore Roosevelt, December 2, 1902.

State of the Union Address, 1903. President Theodore Roosevelt, December 7, 1903.

State of the Union Address, 1904. President Theodore Roosevelt, December 6, 1904.

State of the Union Address, 1905. President Theodore Roosevelt, December 5, 1905.

State of the Union Address, 1906. President Theodore Roosevelt, December 3, 1906.

State of the Union Address, 1907. President Theodore Roosevelt, December 3, 1907.

State of the Union Address, 1908. President Theodore Roosevelt, December 8, 1908.

State of the Union Address, 1909. President William Howard Taft, December 7, 1909.

State of the Union Address, 1910. President William Howard Taft, December 6, 1910.

State of the Union Address, 1911. President William Howard Taft, December 5, 1911.

State of the Union Address, 1912. President William Howard Taft, December 3, 1912.

State of the Union Address, 1913. President Woodrow Wilson, December 2, 1913.

U.S. Bureau of the Census. 1975. Historical Statistics of the United States: Colonial Times to 1970. Washington, DC: U.S. Department of Commerce.

U.S. Department of the Treasury. 1908. Response of the Secretary of the Treasury to Senate Resolution No. 33 of December 12, 1907, Calling for Certain Information in Regard to Treasury Operations, United States Depositaries, the Condition of National Banks, etc. (January 29, 1908). Washington, DC: U.S. Government Printing Office, 60th Congress, 1st Session, Senate, Doc. 208.

U.S. Department of the Treasury. 1897. Annual Report of the Secretary of the Treasury on the State of Finances for the Year 1896. Washington, DC: U.S. Government Printing Office.

U.S. Department of the Treasury. 1898. Annual Report of the Secretary of the Treasury on the State of Finances for the Year 1897. Washington, DC: U.S. Government Printing Office.

U.S. Department of the Treasury. 1899. Annual Report of the Secretary of the Treasury on the State of Finances for the Year 1898. Washington, DC: U.S. Government Printing Office.

U.S. Department of the Treasury. 1900. Annual Report of the Secretary of the Treasury on the State of Finances for the Year 1899. Washington, DC: U.S. Government Printing Office.

U.S. Department of the Treasury. 1901. Annual Report of the Secretary of the Treasury on the State of Finances for the Year 1900. Washington, DC: U.S. Government Printing Office.

U.S. Department of the Treasury. 1901. Annual Report of the Secretary of the Treasury on the State of Finances for the Year 1901. Washington, DC: U.S. Government Printing Office.

U.S. Department of the Treasury. 1902. Annual Report of the Secretary of the Treasury on the State of Finances for the Year 1902. Washington, DC: U.S. Government Printing Office.

U.S. Department of the Treasury. 1903. Annual Report of the Secretary of the Treasury on the State of Finances for the Year 1903. Washington, DC: U.S. Government Printing Office.

U.S. Department of the Treasury. 1905. Annual Report of the Secretary of the Treasury on the State of Finances for the Year 1904. Washington, DC: U.S. Government Printing Office.

U.S. Department of the Treasury. 1906. Annual Report of the Secretary of the Treasury on the State of Finances for the Year 1905. Washington, DC: U.S. Government Printing Office.

U.S. Department of the Treasury. 1906. Annual Report of the Secretary of the Treasury on the State of Finances for the Year 1906. Washington, DC: U.S. Government Printing Office.

U.S. Department of the Treasury. 1907. Annual Report of the Secretary of the Treasury on the State of Finances for the Year 1907. Washington, DC: U.S. Government Printing Office.

U.S. Department of the Treasury. 1908. Annual Report of the Secretary of the Treasury on the State of Finances for the Year 1908. Washington, DC: U.S. Government Printing Office.

U.S. Department of the Treasury. 1909. Annual Report of the Secretary of the Treasury on the State of Finances for the Year 1909. Washington, DC: U.S. Government Printing Office.

U.S. Department of the Treasury. 1911. Annual Report of the Secretary of the Treasury on the State of Finances for the Year 1910. Washington, DC: U.S. Government Printing Office.

U.S. Department of the Treasury. 1912. Annual Report of the Secretary of the Treasury on the State of Finances for the Year 1911. Washington, DC: U.S. Government Printing Office.

U.S. Department of the Treasury. 1913. Annual Report of the Secretary of the Treasury on the State of Finances for the Year 1912. Washington, DC: U.S. Government Printing Office.

U.S. Department of the Treasury. 1913. Annual Report of the Secretary of the Treasury on the State of Finances for the Year 1913. Washington, DC: U.S. Government Printing Office.

U.S. Department of the Treasury. 1915. Annual Report of the Secretary of the Treasury on the State of Finances for the Year 1914. Washington, DC: U.S. Government Printing Office.

U.S. Department of the Treasury. 1896. Annual Report of the Comptroller of the Currency. Washington, DC: U.S. Government Printing Office.

U.S. Department of the Treasury. 1897. Annual Report of the Comptroller of the Currency. Washington, DC: U.S. Government Printing Office.

U.S. Department of the Treasury. 1898. Annual Report of the Comptroller of the Currency. Washington, DC: U.S. Government Printing Office.

U.S. Department of the Treasury. 1899. Annual Report of the Comptroller of the Currency. Washington, DC: U.S. Government Printing Office.

U.S. Department of the Treasury. 1900. Annual Report of the Comptroller of the Currency. Washington, DC: U.S. Government Printing Office.

U.S. Department of the Treasury. 1901. Annual Report of the Comptroller of the Currency. Washington, DC: U.S. Government Printing Office.

U.S. Department of the Treasury. 1902. Annual Report of the Comptroller of the Currency. Washington, DC: U.S. Government Printing Office.

U.S. Department of the Treasury. 1903. Annual Report of the Comptroller of the Currency. Washington, DC: U.S. Government Printing Office.

U.S. Department of the Treasury. 1904. Annual Report of the Comptroller of the Currency. Washington, DC: U.S. Government Printing Office.

U.S. Department of the Treasury. 1905. Annual Report of the Comptroller of the Currency. Washington, DC: U.S. Government Printing Office.

U.S. Department of the Treasury. 1906. Annual Report of the Comptroller of the Currency. Washington, DC: U.S. Government Printing Office.

U.S. Department of the Treasury. 1907. Annual Report of the Comptroller of the Currency. Washington, DC: U.S. Government Printing Office.

U.S. Department of the Treasury. 1908. Annual Report of the Comptroller of the Currency. Washington, DC: U.S. Government Printing Office.

U.S. Department of the Treasury. 1909. Annual Report of the Comptroller of the Currency. Washington, DC: U.S. Government Printing Office.

U.S. Department of the Treasury. 1910. Annual Report of the Comptroller of the Currency. Washington, DC: U.S. Government Printing Office.

U.S. Department of the Treasury. 1912. Annual Report of the Comptroller of the Currency [  for 1911]. Washington, DC: U.S. Government Printing Office.

U.S. Department of the Treasury. 1913. Annual Report of the Comptroller of the Currency [  for 1912]. Washington, DC: U.S. Government Printing Office.

U.S. Department of the Treasury. 1914. Annual Report of the Comptroller of the Currency [  for 1913]. Washington, DC: U.S. Government Printing Office.

U.S. Department of the Treasury. 1915. Annual Report of the Comptroller of the Currency [  for 1914]. Washington, DC: U.S. Government Printing Office.

U.S. House of Representatives. 1912. Investigation of United States Steel Corporation, 62nd Congress, 2nd Session. Report No. 1127. Washington, DC: U.S. Government Printing Office.

U.S. House of Representatives, Subcommittee of the Committee on Banking and Currency. 1913. Money Trust Investigation: Investigation of Financial and Monetary Conditions in the United States under House Resolutions No. 429 and 504. Washington, DC: U.S. Government Printing Office.

U.S. House of Representatives. 1913. Federal Reserve Act: Public Law 63–43, 63d Congress, H.R. 7837: An Act to Provide for the Establishment of Federal Reserve Banks, to Furnish an Elastic Currency, to Afford Means of Rediscounting Commercial Paper, to Establish a More Effective Supervision of Banking in the United States, and for Other Purposes. 63rd Congress. Downloaded from Federal Reserve Bank of St. Louis: https://fraser.stlouisfed.org/title/federal-reserve-act-966.

U.S. National Monetary Commission. 1912. Report of the National Monetary Commission. Washington, DC: U.S. Government Printing Office.

U.S. Senate. 1911. Suggested Plan for Monetary Legislation Submitted to the National Monetary Commission by Hon. Nelson W. Aldrich. 61st Congress, 3rd Session. Document No. 784. Washington, DC: U.S. Government Printing Office.

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