22 October 1907: JP Morgan rescues Wall Street

In response to a bank run that threatened the US banking system, JP Morgan and his cabal of bankers organised a relief effort on this day in 1907.

JP Morgan talking to a bellboy
JP Morgan and his cabal of bankers saved the day
(Image credit: © FPG/Getty Images)

It only took rumours and guilt by association to start a bank run that brought the financial system in the United States to its knees in 1907. Not that you could blame worried depositors. If a bank went under, so did your savings.

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Chris Carter
Wealth Editor, MoneyWeek

Chris Carter spent three glorious years reading English literature on the beautiful Welsh coast at Aberystwyth University. Graduating in 2005, he left for the University of York to specialise in Renaissance literature for his MA, before returning to his native Twickenham, in southwest London. He joined a Richmond-based recruitment company, where he worked with several clients, including the Queen’s bank, Coutts, as well as the super luxury, Dorchester-owned Coworth Park country house hotel, near Ascot in Berkshire.

Then, in 2011, Chris joined MoneyWeek. Initially working as part of the website production team, Chris soon rose to the lofty heights of wealth editor, overseeing MoneyWeek’s Spending It lifestyle section. Chris travels the globe in pursuit of his work, soaking up the local culture and sampling the very finest in cuisine, hotels and resorts for the magazine’s discerning readership. He also enjoys writing his fortnightly page on collectables, delving into the fascinating world of auctions and art, classic cars, coins, watches, wine and whisky investing.

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