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HMS Empress of India was one of seven Royal Sovereign @-@ class pre @-@ dreadnought battleships built for the Royal Navy during the 1890s . The ship was commissioned in 1893 and served as the flagship of the second @-@ in @-@ command of the Channel Fleet for two years . She was transferred to the Mediterranean Fleet in 1897 , during which time Empress of India was assigned to the International Squadron blockading Crete during the uprising there . She returned home in 1901 and was briefly assigned as a coast guard ship in Ireland before she became the second flagship of the Home Fleet . The ship was reduced to reserve in 1905 and accidentally collided with the submarine HMS A10 the following year . Empress of India was taken out of service in early 1912 and accidentally struck a German sailing ship while under tow . She was sunk as a target ship in 1913 .
= = Design and description = =
The design of the Royal Sovereign @-@ class ships was derived from that of the Admiral @-@ class ironclad battleships , greatly enlarged to improve seakeeping and to provide space for a secondary armament as in the preceding Trafalgar @-@ class ironclad battleships . The ships displaced 14 @,@ 150 long tons ( 14 @,@ 380 t ) at normal load and 15 @,@ 580 long tons ( 15 @,@ 830 t ) at deep load . They had a length between perpendiculars of 380 feet ( 115 @.@ 8 m ) and an overall length of 410 feet 6 inches ( 125 @.@ 1 m ) , a beam of 75 feet ( 22 @.@ 9 m ) , and a draught of 27 feet 6 inches ( 8 @.@ 4 m ) . As a flagship , Empress of India 's crew consisted of 692 officers and ratings in 1903 .
The Royal Sovereigns were powered by a pair of three @-@ cylinder , vertical triple @-@ expansion steam engines , each driving one shaft . Their Humphrys & Tennant engines were designed to produce a total of 11 @,@ 000 indicated horsepower ( 8 @,@ 200 kW ) and a maximum speed of 17 @.@ 5 knots ( 32 @.@ 4 km / h ; 20 @.@ 1 mph ) using steam provided by eight cylindrical boilers with forced draught . The ships carried a maximum of 1 @,@ 420 long tons ( 1 @,@ 443 t ) of coal which gave them a range of 4 @,@ 720 nautical miles ( 8 @,@ 740 km ; 5 @,@ 430 mi ) at a speed of 10 knots ( 19 km / h ; 12 mph ) .
Their main armament consisted of four breech @-@ loading ( BL ) 13 @.@ 5 @-@ inch ( 343 mm ) guns mounted in two twin @-@ gun barbettes , one each fore and aft of the superstructure . Each gun was provided with 80 rounds . Their secondary armament consisted of ten quick @-@ firing ( QF ) 6 @-@ inch ( 152 mm ) guns . 200 rounds per gun were carried by the ships . Sixteen QF 6 @-@ pounder ( 2 @.@ 2 in ( 57 mm ) ) and a dozen QF 3 @-@ pounder ( 1 @.@ 9 in ( 47 mm ) ) Hotchkiss guns were fitted for defence against torpedo boats . The two 3 @-@ pounders in the upper fighting top were removed in 1903 – 04 and all of the remaining light guns from the lower fighting tops and main deck followed in 1905 – 09 . The Royal Sovereign @-@ class ships mounted seven 14 @-@ inch ( 356 mm ) torpedo tubes , although Empress of India had four of hers removed in 1902 .
The Royal Sovereigns ' armour scheme was similar to that of the Trafalgars , as the waterline belt of compound armour only protected the area between the barbettes . The 14 – 18 @-@ inch ( 356 – 457 mm ) belt and transverse bulkheads 14 – 16 inches ( 356 – 406 mm ) thick closed off the ends of the belt . Above the belt was a strake of 4 @-@ inch ( 102 mm ) nickel @-@ steel armour closed off by 3 @-@ inch ( 76 mm ) transverse bulkheads . The barbettes were protected by compound armour , ranging in thickness from 11 to 17 inches ( 279 to 432 mm ) and the casemates for the 6 @-@ inch guns had a thickness equal to their diameter . The thicknesses of the armour deck ranged from 2 @.@ 5 to 3 inches ( 64 to 76 mm ) . The walls of the forward conning tower were 12 – 14 inches ( 305 – 356 mm ) thick and the aft conning tower was protected by 3 @-@ inch plates .
= = Construction and career = =
HMS Empress of India , named after a regnal title of Queen Victoria , was the first ship of her name to serve in the Royal Navy . She was ordered under the Naval Defence Act Programme of 1889 with the name of Renown and was laid down on 9 July 1889 at Pembroke Dockyard . The ship was renamed before she was launched on 7 May 1891 by Louise Margaret , Duchess of Connaught and Strathearn . One man was killed when a cable snapped the following day . The ship was then transferred to Chatham Dockyard , where she was completed in August 1893 , at a cost of £ 912 @,@ 612 .
Empress of India was commissioned at Chatham on 11 September 1893 to relieve the ironclad battleship Anson as the flagship of the second @-@ in @-@ command of the Channel Fleet . She participated in annual manoeuvres in the Irish Sea and English Channel as a unit of the " Blue Fleet " , 2 – 5 August 1894 . Sometime during the year , the ship was fitted with bilge keels to reduce her rolling . In June 1895 , Empress of India was among the ships representing the Royal Navy at the opening of the Kaiser Wilhelm Canal in Germany . That summer , the ship again took part in annual manoeuvres , held from 24 July to 30 August 1895 . She became a private ship in December 1895 and was paid off at Chatham on 7 June 1897 . The following day , Empress of India recommissioned for service with the Mediterranean Fleet . Before departing , she took part in the Fleet Review for the Diamond Jubilee of Queen Victoria at Spithead on 26 June .
The ship arrived at Malta to begin her Mediterranean service in August . In August and September 1898 , she was part of the International Squadron blockading Crete during the Greco @-@ Turkish uprising there . The ship was relieved by the battleship Implacable on 14 September 1901 and departed Gibraltar homebound on 3 October . On 12 October , Empress of India paid off at Devonport , but she recommissioned the next day under the command of Captain Henry Louis Fleet , to relieve the ironclad battleship Howe at Queenstown , Ireland , as both the coast guard ship there and as flagship to Rear @-@ Admiral Edmund Jeffreys , Senior Naval Officer , Coast of Ireland Station . The ship began an extensive refit at Plymouth in early March 1902 . During this refit her upper deck six @-@ inch guns received casemates to improve their protection .
Empress of India was assigned to the Home Fleet on 7 May 1902 , in which she served as flagship in port and as flagship of the second @-@ in @-@ command when the fleet was at sea . The ship participated in the Coronation Fleet Review of King Edward VII in August . Empress of India served as flagship of " B Fleet " during combined manoeuvres of the Home Fleet , Mediterranean Fleet , and Channel Fleets off Portugal from 5 August to 9 August 1903 , but her port engine broke down for 14 hours and the fleet had to leave her behind . Her sister ship Royal Oak relieved her as flagship of the second @-@ in @-@ command of the Home Fleet on 1 June 1904 , and she became a private ship . The battleship Hannibal relieved her on 22 February 1905 , and the ship paid off the next day .
That same day , Empress of India recommissioned in reserve at Devonport and relieved the battleship Barfleur as flagship of the new Fleet in Commission in Reserve at Home . In July 1905 she participated in Reserve Fleet manoeuvres . In September 1905 , the protected cruiser Aeolus relieved her of her duties , but she recommissioned on 31 October 1905 with a new nucleus crew to resume her Reserve Fleet duties . She then underwent a refit that lasted into 1906 . Empress of India collided with the submarine A10 in Plymouth Sound on 30 April 1906 .
When the Reserve Fleet was abolished in February 1907 and became the Home Fleet , Empress of India continued her service as flagship , but now for the Rear @-@ Admiral , Devonport Division . On 25 May she was relieved as flagship by the protected cruiser Niobe . Three days later , the ship recommissioned as a special service vessel . Empress of India relieved her sister ship Royal Oak as parent ship of the special service vessels in November 1911 . On 2 March , the ship left Portsmouth under tow by the armoured cruiser Warrior , en route to the Motherbank , where she was to be laid up , but she collided with the German barque <unk> en route and had to return to Portsmouth for repairs . She finally arrived at the Motherbank two months later and was laid up , awaiting disposal .
= = Sinking = =
On 4 November 1913 , Empress of India was used as a target ship in firing trials in Lyme Bay that were primarily intended to give officers and men an idea of the effect of live shell against a real target . A secondary objective was to look at the problems caused by several ships firing at the same target at the same time . The first ship to engage the stationary Empress of India was the light cruiser Liverpool , this was followed by two dreadnought battleships ( Thunderer and Orion ) and the pre @-@ dreadnought battleship King Edward VII , and finally four dreadnought battleships ( Neptune , King George V , Thunderer , and Vanguard ) . By 16 : 45 , " Empress of India was blazing furiously and down by the stern , sinking at " 18 : 30 . She had received forty @-@ four 12 @-@ inch ( 305 @-@ mm ) and 13 @.@ 5 @-@ inch ( 343 @-@ mm ) hits and " it is not surprising that an elderly ship sank , " though the intention had been to repeat the firing at longer range before she did .
When Empress of India sank , she settled upside @-@ down on the seabed , and some salvage was soon carried out by a Jersey company which owned the rights to the vessel . A big hole in her side was made not by a shell , but by salvage divers removing a condenser . " The wreck is accessible and is a deep dive for recreational divers .
Details of the firing are given in the table below .
= No. 77 Wing RAAF =
No. 77 Wing was a Royal Australian Air Force ( RAAF ) wing of World War II . It formed part of No. 10 Operational Group ( later the Australian First Tactical Air Force ) at its establishment in November 1943 , when it comprised three squadrons equipped with Vultee Vengeance dive bombers . No. 77 Wing commenced operations in early 1944 , flying out of Nadzab , Papua New Guinea . Soon afterwards , however , the Vengeance units were withdrawn from combat and replaced with squadrons flying Douglas Bostons , Bristol Beaufighters and Bristol Beauforts . The wing saw action in the assaults on Noemfoor , Tarakan , and North Borneo , by which time it was an all @-@ Beaufighter formation made up of Nos. 22 , 30 and 31 Squadrons . It was to have taken part in the Battle of Balikpapan in June 1945 , but unsuitable landing grounds meant that the Beaufighter units were withdrawn to Morotai , sitting out the remainder of the war before returning to Australia , where they disbanded , along with the wing headquarters , in 1946 .
= = History = =
No. 77 Wing formed the attack component of No. 10 Operational Group ( No. 10 OG ) , which was established on 13 November 1943 . The group was to act as a mobile strike force capable of supporting Allied ground and naval units while they advanced against the Japanese in the South West Pacific Area ( SWPA ) , as distinct from the RAAF 's area commands in Northern Australia , which had a geographically based static defence function . Led by Wing Commander E.G. Fyfe , No. 77 Wing consisted of three flying squadrons operating Vultee Vengeance dive bombers , and various ancillary units . The Vengeances , which had only recently been acquired by Australia , equipped Nos. 21 , 23 and 24 Squadrons . They were to be protected on their attack missions by No. 10 OG 's fighter component , No. 78 Wing , operating Curtiss Kittyhawks .
Headquartered at Nadzab , Papua New Guinea , No. 77 Wing only became fully operational on 18 February 1944 , following the arrival of Nos. 21 and 23 Squadrons from Lowood , Queensland . However No. 24 Squadron , which was already based in the theatre of operations , was able to carry out its first sortie on 17 January , bombing targets along Shaggy Ridge in support of the Australian 7th Division . Throughout February the Vengeances , escorted by No. 78 Wing Kittyhawks , concentrated on harassing the retreating Japanese 20th Division , and attacking enemy airfields in the Madang Province . In March , a decision was made to withdraw the dive bombers from operations due to their inferiority to newer equipment . Three RAAF squadrons — No. 22 flying Douglas Bostons , No. 30 flying Bristol Beaufighters , and one other from No. 9 Operational Group flying Bristol Beauforts — were assigned to the wing as replacements .
Operating with its new squadrons and aircraft , No. 77 Wing took part in the Battle of Noemfoor , commencing in June 1944 . Wing headquarters relocated to Noemfoor Island in July , followed by Nos. 22 and 30 Squadrons the next month . This was No. 77 Wing 's composition on 25 October 1944 , when No. 10 OG 's name was changed to the Australian First Tactical Air Force , ostensibly to emphasise " the formation 's impressive size and ambitious purpose " . That month , the wing 's aircraft were credited with sinking 24 enemy transport ships and barges in support of the Allied landings during the Battle of Leyte . In November , the wing advanced to the island of Morotai , where it attacked Japanese airfields , shipping , and infrastructure on Celebes . By the end of the year , Wing Commander Charles Read had taken over command of No. 77 Wing , and the formation 's complement had been augmented by No. 31 Squadron , a Beaufighter unit previously based in Darwin , Northern Territory , as part of North @-@ Western Area Command . No. 22 Squadron was withdrawn to Noemfoor in December to re @-@ equip with Beaufighters ; upon its return No. 77 Wing became an all @-@ Beaufighter formation , operating three squadrons of the type .
During the first week of January 1945 , No. 77 Wing 's aircraft undertook 142 missions against targets in Halmahera , Celebes , and Morotai . In May , the Beaufighters provided air cover during Operation Oboe One , the Battle of Tarakan . In the days leading up to Operation Oboe Six , the Battle of North Borneo , No. 77 Wing surgically attacked enemy targets at Labuan , sometimes within only 100 metres of Allied demolition teams laying charges to breach obstacles on the beach prior to the landings . Read personally led No. 31 Squadron into action during the battle on 10 June 1945 . He became the first RAAF pilot to land at the newly operational Tarakan airfield on 28 June . The following month , No. 77 Wing was to have taken part in the final Allied offensive of the Borneo Campaign , Operation Oboe Two , the Battle of Balikpapan . However Tarakan proved to be unsuitable for the Beaufighters to operate from , and they were withdrawn to Morotai , where they largely sat out the rest of the Pacific War . No. 71 Wing headquarters transferred to Deniliquin , New South Wales , in December 1945 , and was joined there by Nos. 22 and 30 Squadrons , both of which disbanded in August 1946 . No. 31 Squadron transferred from Morotai to Williamtown , where it disbanded in July 1946 . No. 71 Wing headquarters disbanded at Deniliquin in November .
= Panic of 1907 =
The Panic of 1907 – also known as the 1907 Bankers ' Panic or Knickerbocker Crisis – was a United States financial crisis that took place over a three @-@ week period starting in mid @-@ October , when the New York Stock Exchange fell almost 50 % from its peak the previous year . Panic occurred , as this was during a time of economic recession , and there were numerous runs on banks and trust companies . The 1907 panic eventually spread throughout the nation when many state and local banks and businesses entered bankruptcy . Primary causes of the run included a retraction of market liquidity by a number of New York City banks and a loss of confidence among depositors , exacerbated by unregulated side bets at bucket shops . The panic was triggered by the failed attempt in October 1907 to corner the market on stock of the United Copper Company . When this bid failed , banks that had lent money to the cornering scheme suffered runs that later spread to affiliated banks and trusts , leading a week later to the downfall of the Knickerbocker Trust Company — New York City 's third @-@ largest trust . The collapse of the Knickerbocker spread fear throughout the city 's trusts as regional banks withdrew reserves from New York City banks . Panic extended across the nation as vast numbers of people withdrew deposits from their regional banks .
The panic might have deepened if not for the intervention of financier J. P. Morgan , who pledged large sums of his own money , and convinced other New York bankers to do the same , to shore up the banking system . At the time , the United States did not have a central bank to inject liquidity back into the market . By November , the financial contagion had largely ended , only to be replaced by a further crisis . This was due to the heavy borrowing of a large brokerage firm that used the stock of Tennessee Coal , Iron and Railroad Company ( TC & I ) as collateral . Collapse of TC & I 's stock price was averted by an emergency takeover by Morgan 's U.S. Steel Corporation — a move approved by anti @-@ monopolist president Theodore Roosevelt . The following year , Senator Nelson W. Aldrich , father @-@ in @-@ law of John D. Rockefeller , Jr . , established and chaired a commission to investigate the crisis and propose future solutions , leading to the creation of the Federal Reserve System .
= = Economic conditions = =
When U.S. President Andrew Jackson allowed the charter of the Second Bank of the United States to expire in 1836 , the U.S. was without any sort of central bank , and the money supply in New York City fluctuated with the country 's annual agricultural cycle . Each autumn money flowed out of the city as harvests were purchased and — in an effort to attract money back — interest rates were raised . Foreign investors then sent their money to New York to take advantage of the higher rates . From the January 1906 Dow Jones Industrial Average high of 103 , the market began a modest correction that would continue throughout the year . The April 1906 earthquake that devastated San Francisco contributed to the market instability , prompting an even greater flood of money from New York to San Francisco to aid reconstruction . A further stress on the money supply occurred in late 1906 , when the Bank of England raised its interest rates , partly in response to UK insurance companies paying out so much to US policyholders , and more funds remained in London than expected . From their peak in January , stock prices declined 18 % by July 1906 . By late September , stocks had recovered about half of their losses .
The Hepburn Act , which gave the Interstate Commerce Commission ( ICC ) the power to set maximum railroad rates , became law in July 1906 . This depreciated the value of railroad securities . Between September 1906 and March 1907 , the stock market slid , losing 7 @.@ 7 % of its capitalization . Between March 9 and 26 , stocks fell a further 9 @.@ 8 % . ( This March collapse is sometimes referred to as a " rich man 's panic " . ) The economy remained volatile through the summer . A number of shocks hit the system : the stock of Union Pacific — among the most common stocks used as collateral — fell 50 points ; that June an offering of New York City bonds failed ; in July the copper market collapsed ; in August the Standard Oil Company was fined $ 29 million for antitrust violations . In the first nine months of 1907 , stocks were lower by 24 @.@ 4 % .
On July 27 , The Commercial & Financial Chronicle noted that " the market keeps unstable ... no sooner are these signs of new life in evidence than something like a suggestion of a new outflow of gold to Paris sends a tremble all through the list , and the gain in values and hope is gone " . Several bank runs occurred outside the US in 1907 : in Egypt in April and May ; in Japan in May and June ; in Hamburg and Chile in early October . The fall season was always a vulnerable time for the banking system — combined with the <unk> stock market , even a small shock could have grave repercussions .
= = Panic = =
= = = Cornering copper = = =
The 1907 panic began with a stock manipulation scheme to corner the market in F. Augustus Heinze 's United Copper Company . Heinze had made a fortune as a copper magnate in Butte , Montana . In 1906 he moved to New York City , where he formed a close relationship with notorious Wall Street banker Charles W. Morse . Morse had once successfully cornered New York City 's ice market , and together with Heinze gained control of many banks — the pair served on at least six national banks , ten state banks , five trust companies and four insurance firms .
Augustus ' brother , Otto , devised the scheme to corner United Copper , believing that the Heinze family already controlled a majority of the company . He also believed that a significant number of the Heinze 's shares had been borrowed , and sold short , by speculators betting that the stock price would drop , and that they could thus repurchase the borrowed shares cheaply , pocketing the difference . Otto proposed a short squeeze , whereby the Heinzes would aggressively purchase as many remaining shares as possible , and then force the short sellers to pay for their borrowed shares . The aggressive purchasing would drive up the share price , and , being unable to find shares elsewhere , the short sellers would have no option but to turn to the Heinzes , who could then name their price .
To finance the scheme , Otto , Augustus and Charles Morse met with Charles T. Barney , president of the city 's third @-@ largest trust , the Knickerbocker Trust Company . Barney had provided financing for previous Morse schemes . Morse , however , cautioned Otto that he needed much more money than he had to attempt the squeeze and Barney declined to provide funding . Otto decided to attempt the corner anyway . On Monday , October 14 , he began aggressively purchasing shares of United Copper , which rose in one day from $ 39 to $ 52 per share . On Tuesday ( Oct. 15 ) , he issued the call for short sellers to return the borrowed stock . The share price rose to nearly $ 60 , but the short sellers were able to find plenty of United Copper shares from sources other than the Heinzes . Otto had misread the market , and the share price of United Copper began to collapse .
The stock closed at $ 30 on Tuesday and fell to $ 10 by Wednesday ( Oct. 16 ) . Otto Heinze was ruined . The stock of United Copper was traded outside the hall of the New York Stock Exchange , literally an outdoor market " on the curb " ( this curb market would later become the American Stock Exchange ) . After the crash , The Wall Street Journal reported , " Never has there been such wild scenes on the Curb , so say the oldest veterans of the outside market " .
= = = Contagion spreads = = =
The failure of the corner left Otto unable to meet his obligations and sent his brokerage house , Gross & <unk> , into bankruptcy . On Thursday , October 17 , the New York Stock Exchange suspended Otto 's trading privileges . As a result of United Copper 's collapse , the State Savings Bank of Butte Montana ( owned by F. Augustus Heinze ) announced its insolvency . The Montana bank had held United Copper stock as collateral against some of its lending and had been a correspondent bank for the Mercantile National Bank in New York City , of which F. Augustus Heinze was then president .
F. Augustus Heinze 's association with the corner and the insolvent State Savings Bank proved too much for the board of the Mercantile to accept . Although they forced him to resign before lunch time , by then it was too late . As news of the collapse spread , depositors rushed en masse to withdraw money from the Mercantile National Bank . The Mercantile had enough capital to withstand a few days of withdrawals , but depositors began to pull cash from the banks of the Heinzes ' associate Charles W. Morse . Runs occurred at Morse 's National Bank of North America and the New Amsterdam National . Afraid of the impact the tainted reputations of Augustus Heinze and Morse could have on the banking system , the New York Clearing House ( a consortium of the city 's banks ) forced Morse and Heinze to resign all banking interests . By the weekend after the failed corner , there was not yet systemic panic . Funds were withdrawn from Heinze @-@ associated banks , only to be deposited with other banks in the city .
A week later many regional stock exchanges throughout the nation were closing or limiting trading . For example , the Pittsburgh city 's stock exchange closed for three months starting on October 23 , 1907 .
= = = Panic hits the trusts = = =
In the early 1900s , trust companies were booming ; in the decade before 1907 , their assets had grown by 244 % . During the same period , national bank assets grew by 97 % , while state banks in New York increased by 82 % . The leaders of the high @-@ flying trusts were mainly prominent members of New York 's financial and social circles . One of the most respected was Charles T. Barney , whose late father @-@ in @-@ law William Collins Whitney was a famous financier . Barney 's Knickerbocker Trust Company was the third @-@ largest trust in New York .
Because of past association with Charles W. Morse and F. Augustus Heinze , on Monday , October 21 , the board of the Knickerbocker asked that Barney resign ( depositors may have first begun to pull deposits from the Knickerbocker on October 18 , prompting the concern ) . That day , the National Bank of Commerce where J.P. Morgan was a dominant factor , announced it would not serve as clearing house for the Knickerbocker . On October 22 , the Knickerbocker faced a classic bank run . From the bank 's opening , the crowd grew . As The New York Times reported , " as fast as a depositor went out of the place ten people and more came asking for their money [ and the police ] were asked to send some men to keep order " . Two van loads of notes were quickly unloaded , yet even this failed to calm the panic stricken depositors . Directors and other officials of the Trust forced their way through the crowd , assuring them that everyone would be paid . In less than three hours , $ 8 million was withdrawn from the Knickerbocker . Shortly after noon it was forced to suspend operations .
As news spread , other banks and trust companies were reluctant to lend any money . The interest rates on loans to brokers at the stock exchange soared to 70 % and , with brokers unable to get money , stock prices fell to a low not seen since December 1900 . The panic quickly spread to two other large trusts , Trust Company of America and Lincoln Trust Company . By Thursday , October 24 , a chain of failures littered the street : Twelfth Ward Bank , Empire City Savings Bank , Hamilton Bank of New York , First National Bank of Brooklyn , International Trust Company of New York , Williamsburg Trust Company of Brooklyn , Borough Bank of Brooklyn , Jenkins Trust Company of Brooklyn and the Union Trust Company of Providence .
= = = J.P. Morgan = = =
When the chaos began to shake the confidence of New York 's banks , the city 's most famous banker was out of town . J.P. Morgan , the eponymous president of J.P. Morgan & Co . , was attending a church convention in Richmond , Virginia . Morgan was not only the city 's wealthiest and most well @-@ connected banker , but he had experience with other similar financial crises — he had helped rescue the U.S. Treasury during the Panic of 1893 . As news of the crisis gathered , Morgan returned to Wall Street from his convention late on the night of Saturday , October 19 . The following morning , the library of Morgan 's brownstone at Madison Avenue and 36th St. had become a revolving door of New York City bank and trust company presidents arriving to share information about ( and seek help surviving ) the impending crisis .
Morgan and his associates examined the books of the Knickerbocker Trust , and decided it was insolvent so did not intervene to stop the run . Its failure , however , triggered runs on even healthy trusts , prompting Morgan to take charge of the rescue operation . On the afternoon of Tuesday , October 22 , the president of the Trust Company of America asked Morgan for assistance . That evening Morgan conferred with George F. Baker , the president of First National Bank , James Stillman of the National City Bank of New York ( the ancestor of Citibank ) , and the United States Secretary of the Treasury , George B. Cortelyou . Cortelyou said that he was ready to deposit government money in the banks to help shore up their deposits . After an overnight audit of the Trust Company of America showed the institution to be sound , on Wednesday afternoon Morgan declared , " This is the place to stop the trouble , then . "
As a run began on the Trust Company of America , Morgan worked with Stillman and Baker to liquidate the company 's assets to allow the bank to pay depositors . The bank survived to the close of business , but Morgan knew that additional money would be needed to keep it solvent through the following day . That night he assembled the presidents of the other trust companies and held them in a meeting until midnight when they agreed to provide loans of $ 8 @.@ 25 million to allow the Trust Company of America to stay open the next day . On Thursday morning Cortelyou deposited around $ 25 million into a number of New York banks . John D. Rockefeller , the wealthiest man in America , 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 America 's credit .
= = = Stock exchange nears collapse = = =
Despite the infusion of cash , the banks of New York were reluctant to make the short @-@ term loans they typically provided to facilitate daily stock trades . Prices on the exchange began to crash , owing to the lack of funds to finance purchases . At 1 : 30 p.m. Thursday , October 24 , Ransom Thomas , the president of the New York Stock Exchange , rushed to Morgan 's offices to tell him that he would have to close the exchange early . Morgan was emphatic that an early close of the exchange would be catastrophic .
Morgan summoned the presidents of the city 's banks to his office . They started to arrive at 2 p.m. ; Morgan informed them that as many as 50 stock exchange houses would fail unless $ 25 million was raised in 10 minutes . By 2 : 16 p.m. , 14 bank presidents had pledged $ 23 @.@ 6 million to keep the stock exchange afloat . The money reached the market at 2 : 30 p.m. , in time to finish the day 's trading , and by the 3 o 'clock market close , $ 19 million had been loaned out . Disaster was averted . Morgan usually eschewed the press , but as he left his offices that night he made a statement to reporters : " If people will keep their money in the banks , everything will be all right " .
Friday , however , saw more panic on the exchange . Morgan again approached the bank presidents , but this time was only able to convince them to pledge $ 9 @.@ 7 million . In order for this money to keep the exchange open , Morgan decided the money could not be used for margin sales . The volume of trading on Friday was 2 / 3 that of Thursday . The markets again narrowly made it to the closing bell .
= = = Crisis of confidence = = =
Morgan , Stillman , Baker and the other city bankers were unable to pool money indefinitely . Even the U.S. Treasury was low on funds . Public confidence needed to be restored , and on Friday evening the bankers formed two committees — one to persuade the clergy to calm their congregations on Sunday , and second to explain to the press the various aspects of the financial rescue package . Europe 's most famous banker , Lord Rothschild , sent word of his " admiration and respect " for Morgan . In an attempt to gather confidence , the Treasury Secretary Cortelyou agreed that if he returned to Washington it would send a signal to Wall Street that the worst had passed .
To ensure a free flow of funds on Monday , the New York Clearing House issued $ 100 million in loan certificates to be traded between banks to settle balances , allowing them to retain cash reserves for depositors . Reassured both by the clergy and the newspapers , and with bank balance sheets flush with cash , a sense of order returned to New York that Monday .
Unbeknownst to Wall Street , a new crisis was being averted in the background . On Sunday , Morgan 's associate , George Perkins , was informed that the City of New York required at least $ 20 million by November 1 or it would go bankrupt . The city tried to raise money through a standard bond issue , but failed to gather enough financing . On Monday and again on Tuesday , New York Mayor George McClellan approached Morgan for assistance . In an effort to avoid the disastrous signal that a New York City bankruptcy would send , Morgan contracted to purchase $ 30 million worth of city bonds .
= = = Drama at the library = = =
Although calm was largely restored in New York by Saturday , November 2 , yet another crisis loomed . One of the exchange 's largest brokerage firms , Moore & Schley , was heavily in debt and in danger of collapse . The firm had borrowed heavily , using shares of the Tennessee Coal , Iron and Railroad Company ( TC & I ) as collateral . With the value of the thinly traded stock under pressure , many banks would likely call the loans of Moore & Schley on Monday and force an en masse liquidation of the firm 's stock . If that occurred it would send TC & I shares plummeting , devastating Moore and Schley and triggering further panic in the market .
To avert the collapse of Moore & Schley , Morgan called an emergency conference at his library Saturday morning . A proposal was made that the U.S. Steel Corporation , a company Morgan had helped form through the merger of the steel companies of Andrew Carnegie and Elbert Gary , would acquire TC & I. This would effectively save Moore & Schley and avert the crisis . The executives and board of U.S. Steel studied the situation and offered to either loan Moore & Schley $ 5 million , or buy TC & I for $ 90 a share . By 7 p.m. an agreement had not been reached and the meeting adjourned .
By then , John Pierpont Morgan was drawn into another situation . There was deep concern that the Trust Company of America and the Lincoln Trust might fail to open on Monday due to continuing runs by depositors . On Saturday evening 40 – 50 bankers had gathered at the library to discuss the crisis , with the clearing @-@ house bank presidents in the East room and the trust company executives in the West room . Morgan and those dealing with the Moore & Schley situation had moved to the librarian ’ s office . There Morgan told his counselors that he would agree to help shore up Moore & Schley only if the trust companies would work together to bail out their weakest brethren . The discussion among the bankers continued late into Saturday night but without much progress . Around midnight , J.P. Morgan informed a leader of the trust company presidents that keeping Moore & Schley afloat would require $ 25 million , and he would not commit those funds unless the problems with the trust companies could also be resolved . The trust company executives understood they would not receive further help from Morgan ; they would have to finance any bailout of the two struggling trust companies .
At 3 a.m. about 120 bank and trust company officials assembled to hear a full report on the status of the failing trust companies . While the Trust Company of America was barely solvent , the Lincoln Trust Company was probably $ 1 million short of what it needed to cover depositor accounts . As discussion ensued , the bankers realized that Morgan had locked them in the library and pocketed the key to force a solution , the sort of strong @-@ arm tactic he had been known to use in the past . Morgan then entered the talks and advised the trust companies they must provide a loan of $ 25 million to save the weaker institutions . The trust presidents were still reluctant to act , but Morgan informed them that if they did not it would lead to a complete collapse of the banking system . Through his considerable influence , at about 4 : 45 a.m. he persuaded the unofficial leader of the trust companies to sign the agreement , and the remainder of the bankers followed . Having received these commitments , Morgan allowed the bankers to go home .
On Sunday afternoon and into the evening , Morgan , Perkins , Baker and Stillman , along with U.S. Steel 's Gary and Henry Clay Frick , worked at the library to finalize the deal for U.S. Steel to buy TC & I and by Sunday night had a plan for acquisition . But one obstacle remained : the anti @-@ trust crusading President Theodore Roosevelt , who had made breaking up monopolies a focus of his presidency .
Frick and Gary traveled overnight by train to the White House to implore Roosevelt to set aside the application of the Sherman Antitrust Act and allow — before the market opened — a company that already held a 60 % share of the steel market to make a large acquisition . Roosevelt 's secretary refused to see them , but Frick and Gary convinced James Rudolph Garfield , the Secretary of the Interior , to bypass the secretary and arrange a meeting with the president . With less than an hour before the Stock Exchange opened , Roosevelt and Secretary of State Elihu Root began to review the proposed takeover and appreciate the crash likely to ensue if the merger was not approved . Roosevelt relented ; he later recalled of the meeting , " It was necessary for me to decide on the instant before the Stock Exchange opened , for the situation in New York was such that any hour might be vital . I do not believe that anyone could justly criticize me for saying that I would not feel like objecting to the purchase under those circumstances " . When news reached New York , confidence soared . The Commercial & Financial Chronicle reported that " the relief furnished by this transaction was instant and far @-@ reaching " . The final crisis of the panic had been averted .
= = Aftermath = =