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The Panic of 1907 started with one of the dumbest Wall Street schemes ever: a failed attempt to corner United Copper stock.
Spoiler: it bankrupted the schemers and nearly crashed the entire U.S. banking system. 🏦💥
Thread 👇 #FinanceHistory #BankingPanic
1907. No Federal Reserve. Trusts (shadow banks) everywhere. Credit already tight.
F. Augustus Heinze + brothers + Charles Morse decide to squeeze short sellers of United Copper by buying up shares aggressively.
Classic corner play. What could go wrong? 😏
Oct 14: They pump United Copper from $39 → $60 in days.
Oct 15: Shorts cover elsewhere → price collapses to $30.
Oct 16: Stock craters to $10. Heinze brothers lose ~$50M.
The corner fails spectacularly.
Panic spreads fast:
→ Runs on Heinze-linked banks (Mercantile National)
→ Knickerbocker Trust (NY’s #3 trust) loses $8M in hours, suspends Oct 22
→ Stock market tanks ~50% from peak
No central bank = total chaos. Depositors in terror.
J.P. Morgan & Rockefeller eventually step in with private money to stop the bleeding.
Result? 42 trusts fail, economy suffers.
Lesson learned → Federal Reserve created in 1913.
Moral: Unregulated speculation + fragile banking = recipe for disaster.
#HistoryRepeats?
First Republic Bank sees $100 billion drop in deposits as interest rates rise, causing a banking panic in Q1 2023. #FirstRepublic #BankingPanic #InterestRates
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