Stops Panic Of 1907 Edward King Banker Signs With J P Morgan Stock Certificate
Item History & Price
| Reference Number: Avaluer:1274862 |
Edward King - Head of Union Trust Bank --- signed the agreement in 1907 - with J P Morgan -- that ended the Panic of1907 -- Morgan had pretty much locked the bankers in the roomand told King to sign it and gave him a gold pen ---- and the document was signed at 4 am on October 24 1907 --- hereKing signs a bond many years earlier in 1873 --- this is theORIGINAL and GENUINE bond on the Toledo Canada Southern and Detro...it RailwayCo --- you can read much more about the Panicelsewhere --- Uponhearing of the dire circumstances in New York, J.P. Morgan, who was spendingtime in Richmond, Virginia, attached his private Pullman car on a steam engineso that he could travel to the city overnight. On October 20, Morgan organizeda reconnaissance mission of sorts to assess the situation on Wall Street. Theconclusion of their mission granted that, while some institutions needed to berescued financially, other should be allowed to fail (Tucker, 2008). Thistheory on recovery presents a marked difference from how business -- By October 24, the New York Stock Exchange had only been able tostay open until the end of the day because J.P. Morgan had raised a $24 millionloan and had forbidden it to close. He threatened to "properly attendto" any individuals who were attempting to take advantage of the panic andsell people short (Gordon, 1989). That evening, Morgan assembled leadingbusinessmen and bankers in his library to come up with a solution to theimpending financial ruin. Morgan played solitaire - one of his favoritepastimes - as the bankers debated over potential solutions. Morgan oftenrejected such solutions, but finally, around 4 a.m., Morgan's lawyer presentedhim with a satisfactory plan to put more money in the banks. When Morgan approvedof the plan, he had every person who pledged money to the bailout sign. AsEdward King of Union Trust signed, Morgan commanded, "There's the place, King, and here's a pen" (Lingeman, 1999). True to Morgan's form, heaccepted no nonsense, and he spoke directly and authoritatively. please contact me if you have questions - david m beach --
Remember that you are not paying the 20% buyers fee that most live auctions charge! All of my auctions are guaranteed original and authentic forever!!! -- please email me with any questions -- ALSO Please check my other auctions as i will be listing many wonderful and rare Museum quality pieces in the next week and for the next year or so --- thanks david beach
<
00414
Remember that you are not paying the 20% buyers fee that most live auctions charge! All of my auctions are guaranteed original and authentic forever!!! -- please email me with any questions -- ALSO Please check my other auctions as i will be listing many wonderful and rare Museum quality pieces in the next week and for the next year or so --- thanks david beach
<
00414
