Thursday, January 4, 2024

Rockefellers pbs report

 

https://www.pbs.org/wgbh/americanexperience/features/rockefellers-john/



'Aid began to come from several other sources. J.D. Rockefeller deposited $10 million with the Union Trust to help the trusts and announced his support for Morgan. Secretary of the Treasury George Cortelyou and the major New York financiers met on the evening of Wednesday, October 23, and discussed plans to combat the crisis. Cortelyou deposited $25 million of the Treasury’s funds in national banks the following morning. Between October 21 and October 31, the Treasury deposited a total of $37.6 million in New York national banks and provided $36 million in small bills to meet runs. By the middle of November, however, the U.S. Treasury’s working capital had dwindled to $5 million. Thus Treasury could not and did not contribute much more aid during the rest of the panic (Timberlake 1978, 1993).'



https://eh.net/encyclopedia/the-panic-of-1907/

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