Photo © Puck Magazine, Library of Congress (LOC)

JP Morgan Saves the Nation debut

Description

The Panic of 1907 was a financial crisis set off by a series of bad banking decisions and a frenzy of withdrawals caused by public distrust of the banking system. By mid-October, Wall Street was paralyzed; for days, there were runs on several large banks. Millions of dollars were withdrawn, and banks closed their doors. J.P. Morgan and other wealthy Wall Street bankers lent their own funds to rescue banks, the stock market, and the country from a severe financial crisis.In 1913, Congress passed the federal reserve act, which put the government in charge of managing future financial crises.

Documented, 1907

Debut, 1995

Presented outside Federal Hall Manhattan, an interweaving of history, economics, and musical theatre, based on the events surrounding JP Morgan’s attempt to save the nation from financial collapse during the panic of 1907.The troupe couldn't have found a more pointedly appropriate setting. Federal Hall is not only in full view of the Exchange, but is also directly across the street from the headquarters of Morgan Guaranty Trust Company, which was founded by the work's title character.The book is launched later that year.

Factoids

1995- 'J.P. Morgan Saves the Nation' musical and book by Jeffrey M. Jones, Jonathan Larson

Related People & Organizations

J.P. Morgan

John D. Rockefeller, Sr. , The wealthiest man in the United States, deposited a further $10 million in Stillman's National City Bank. Rockefeller's massive deposit left the National City Bank with the deepest reserves of any bank in the city. To instill public confidence, Rockefeller phoned Melville Stone, the manager of the Associated Press, and told him that he would pledge half of his wealth to maintain U.S. credit.

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