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The panic of 1907 occurred during a lengthy economic contraction — measured by the National Bureau of Economic Research as occurring between May 1907 and June 1908 . The interrelated contraction , bank panic and falling stock market resulted in significant economic disruption . Industrial production dropped further than after any previous bank run , while 1907 saw the second @-@ highest volume of bankruptcies to that date . Production fell by 11 % , imports by 26 % , while unemployment rose to 8 % from under 3 % . Immigration dropped to 750 @,@ 000 people in 1909 , from 1 @.@ 2 million two years earlier .
Since the end of the Civil War , the United States had experienced panics of varying severity . Economists Charles Calomiris and Gary Gorton rate the worst panics as those leading to widespread bank suspensions — the panics of 1873 , 1893 , and 1907 , and a suspension in 1914 . Widespread suspensions were forestalled through coordinated actions during both the 1884 and the 1890 panics . A bank crisis in 1896 , in which there was a perceived need for coordination , is also sometimes classified as a panic .
The frequency of crises and the severity of the 1907 panic added to concern about the outsized role of J.P. Morgan which led to renewed impetus toward a national debate on reform . In May 1908 , Congress passed the Aldrich – Vreeland Act that established the National Monetary Commission to investigate the panic and to propose legislation to regulate banking . Senator Nelson Aldrich ( R – RI ) , the chairman of the National Monetary Commission , went to Europe for almost two years to study that continent 's banking systems .
= = = Central bank = = =
A significant difference between the European and U.S. banking systems was the absence of a central bank in the United States . European states were able to extend the supply of money during periods of low cash reserves . The belief that the U.S. economy was vulnerable without a central bank was not new . Early in 1907 , banker Jacob Schiff of Kuhn , Loeb & Co. warned in a speech to the New York Chamber of Commerce that " unless we have a central bank with adequate control of credit resources , this country is going to undergo the most severe and far reaching money panic in its history " .
Aldrich convened a secret conference with a number of the nation 's leading financiers at the Jekyll Island Club , off the coast of Georgia , to discuss monetary policy and the banking system in November 1910 . Aldrich and A. P. Andrew ( Assistant Secretary of the Treasury Department ) , Paul Warburg ( representing Kuhn , Loeb & Co . ) , Frank A. Vanderlip ( James Stillman 's successor as president of the National City Bank of New York ) , Henry P. Davison ( senior partner of J. P. Morgan Company ) , Charles D. Norton ( president of the Morgan @-@ dominated First National Bank of New York ) , and Benjamin Strong ( representing J. P. Morgan ) , produced a design for a " National Reserve Bank " .
The final report of the National Monetary Commission was published on January 11 , 1911 . For nearly two years legislators debated the proposal and it was not until December 23 , 1913 , that Congress passed the Federal Reserve Act . President Woodrow Wilson signed the legislation immediately and the legislation was enacted on the same day , December 23 , 1913 , creating the Federal Reserve System . Charles Hamlin became the Fed 's first chairman , and none other than Morgan 's deputy Benjamin Strong became president of the Federal Reserve Bank of New York , the most important regional bank with a permanent seat on the Federal Open Market Committee .
= = = Pujo Committee = = =
Although Morgan was briefly seen as a hero , widespread fears concerning plutocracy and concentrated wealth soon eroded this view . Morgan 's bank had survived , but the trust companies that were a growing rival to traditional banks were badly damaged . Some analysts believed that the panic had been engineered to damage confidence in trust companies so that banks would benefit . Others believed Morgan took advantage of the panic to allow his U.S. Steel company to acquire TC & I. Although Morgan lost $ 21 million in the panic , and the significance of the role he played in staving off worse disaster is undisputed , he also became the focus of intense scrutiny and criticism .
The chair of the House Committee on Banking and Currency , Representative Arsène Pujo , ( D – La . 7th ) convened a special committee to investigate a " money trust " , the de facto monopoly of Morgan and New York 's other most powerful bankers . The committee issued a scathing report on the banking trade , and found that the officers of J. P. Morgan & Co. also sat on the boards of directors of 112 corporations with a market capitalization of $ 22 @.@ 5 billion ( the total capitalization of the New York Stock Exchange was then estimated at $ 26 @.@ 5 billion ) .
Although suffering ill health , J. P. Morgan testified before the Pujo Committee and faced several days of questioning from Samuel <unk> . <unk> and Morgan 's famous exchange on the fundamentally psychological nature of banking — that it is an industry built on trust — is often quoted in business articles :
Associates of Morgan blamed his continued physical decline on the hearings . In February he became very ill and died on March 31 , 1913 — nine months before the " money trust " would be officially replaced as lender of last resort by the Federal Reserve .
= = Timeline = =
= Jurassic Park ( song ) =
" Jurassic Park " is a parody of Jimmy Webb 's single " MacArthur Park " written and performed by " Weird Al " Yankovic ; it was released both as a single and as part of Yankovic 's Alapalooza album in October 1993 . " Jurassic Park " was penned by Yankovic after he remembered the enjoyment he had when he combined a classic rock track with a recent movie topic with his 1985 song " Yoda " . Yankovic decided to combine the plot of the recent movie Jurassic Park — a film about a park on a fictional island where geneticists have succeeded in cloning dinosaurs .
The song was paired with an elaborately animated music video , which was created by Mark Osborne and Scott Nordlund almost entirely via claymation . The video did not receive extensive play on MTV , although it was popular on The Box , VH1 , and in Canada , where it was played on MuchMusic . The video , due to its animation , also later went on to be praised at various animation festivals worldwide .
" Jurassic Park " was met with mixed to positive reviews ; while many reviewers enjoyed Yankovic 's humor , others felt that the song did not satirize the source material , but instead merely recounted the plot to the movie . Webb himself was very pleased with the final result and has been known to sing the parody lyrics in concert . Although the single did not chart in the United States , it peaked at number 5 on the Canadian magazine The Record 's single chart . The video was also nominated for a Grammy Award for Best Short Form Music Video at the 37th Grammy Awards , although it did not win .
= = Writing = =
Yankovic was inspired to write the song after he heard The Kinks ' song " Lola " while driving in his car one day . He noted , " I was driving a rent @-@ a @-@ car through Florida when the song ' Lola ' came on the radio , and it got me thinking about how much fun I had doing ' Yoda ' [ a song from 1985 's Dare to Be Stupid ] where I took a then @-@ current topic and combined it with a classic rock tune . " He soon turned his attention to the film Jurassic Park — about a park on a fictional island , where geneticists have succeeded in cloning dinosaurs . The film is based on the 1990 novel of the same name by Michael Crichton — which had just come out and was already a blockbuster success . Yankovic decided to write a parody about the movie , and considered various songs that he could spoof . Eventually , he decided to parody the 1968 hit single " MacArthur Park " , which was performed by Richard Harris . Yankovic approached the original song 's writer , Jimmy Webb , who agreed to the idea . In fact , Webb was so amused by the parody that he penned a letter to Yankovic stating " Well , this [ the parody ] oughta [ sic ] bury that song once and for all ! " In addition , Yankovic received permission from Crichton and director Steven Spielberg to produce the track .
= = Recording and lyrics = =
Yankovic entered the studio to record " Jurassic Park " on July 16 , 1993 . Backing Yankovic were Jon " Bermuda " Schwartz on drums , Steve Jay on bass , and Jim West on guitar . " MacArthur Park " contained an actual orchestra complete with a strings section . " Jurassic Park " , however , features synth strings courtesy of keyboardist Brad Buxer , who programmed the section himself . Intermixed during the interlude are various dinosaur sound effects courtesy of Sandy Berman ; Berman had previously created dinosaur yells for a major theme park attraction , and loaned Yankovic the sound effects . At 3 : 53 in length , the song is considerably shorter than the original , which clocks in at 7 : 21 . Largely , this is due to the fact that the middle section featured in the original — the so called " After the Loves of My Life " section — is omitted from Yankovic 's parody .
The song itself recounts both the plot of the movie , and contains various in @-@ jokes and references therein . One line about lawyers — " A huge <unk> ate our lawyer / Well , I suppose that proves they 're really not all bad " — was deliberately placed in the song to be ambiguous , as it could either be referring to lawyers or dinosaurs as being " not all bad " . The song also makes various pop culture references , alluding to the idea of an E ticket and Barney .
= = Music video = =
When it came time for a video for " Jurassic Park " , Yankovic opted to use stop @-@ motion and claymation ; he joked during a Q & A that this was because " it 's just too hard to find real live dinosaurs these days . " " Jurassic Park " was Yankovic 's first video that was entirely animated — previous videos , such as " Money for Nothing / Beverly Hillbillies " and " Dare to Be Stupid " had featured elements of animation . The video was directed by Mark Osborne and Scott Nordlund . Yankovic initially heard of the duo from Bill <unk> , the leader singer of the comedy rock band Green Jellÿ . After being hired for the project , the two " basically turned a private residence in Los Angeles into a clay animation studio . " The two worked between July and August 1993 , and slept in shifts , so that the final project would be ready for its release in October 1993 . One critic noted that the music video seems to have been done in the style of Will Vinton 's Dinosaurs ! – A Fun @-@ Filled Trip Back in Time ! The video parodies scenes from , as well as the general plot of the 1993 movie , and contains a myriad of sight @-@ gags — as is usual for Yankovic 's videos — such as a claymation version of Steven Spielberg running from dinosaurs , Barney having his head ripped off , and a Velociraptor attempting to break down a door , only to realize it has a key .
= = Release = =
= = = Reception = = =
" Jurassic Park " was released as the lead single from Yankovic 's 1993 album Alapalooza . The single did not chart in the United States . However , the song was a sales success in Canada , and peaked at number 5 on the Canadian magazine The Record 's single chart . The video for " Jurassic Park " received light rotation on MTV . Yankovic later explained in an interview that " [ MTV ] played it a few times , and then just yanked it , because it wasn 't really part of their sound . " In contrast , the single was a success on The Box and they played it " incessantly " . Furthermore , in Canada , the song was a massive success on MuchMusic . Due to this , Alapalooza is Yankovic 's best selling album in Canada , with over 200 @,@ 000 units sold , according to Music Canada . However , the video was played and remained popular on VH1 well after its release ; it ranked within the Top 50 Most @-@ Played Clips during the months of August and September 1999 , according to Billboard magazine . The video for " Jurassic Park " was nominated for a Grammy Award for Best Short Form Music Video at the 37th Grammy Awards , but lost to the video for " Love Is Strong " by The Rolling Stones . Nonetheless , it received attention in animation festivals worldwide for its use of claymation effects .
Jimmy Webb was particularly pleased with the finished product . According to Yankovic , several times during different concerts in New York and Los Angeles that Yankovic was in attendance , Webb would start to perform the original , feign forgetting the words , and then invite Yankovic on stage to help him sing " Jurassic Park " instead . For a Christmas present one year , Webb even sent Yankovic a rubber dinosaur mask as a joke . Yankovic later noted that Webb " was the coolest " .
= = = Reviews = = =
Chris Hicks of the Deseret News called the single " absolutely hilarious " , and rhetorically asked " who else would think of adapting that ridiculously popular movie 's themes to new lyrics for Jimmy Webb 's classic ditty ' MacArthur Park ' ? " Hicks ' felt that the song 's funniest moments involved the jokes revolving around lawyers and the mention of Barney . Amanda Cohen of the Pittsburgh Post @-@ Gazette wrote that it combined " the schlock of the original song with schtick about the dinosaur movie " and proved that " Yankovic is as funny as ever " . Furthermore , she noted that it was evidence that " his voice improves with every new release " . In a review of the Spike and Mike 's Festival of Animation , Arthur Salm called the piece a " knockout " and praised the humor , specifically highlighting the claymation cameo of Steve Spielberg and the " goofy velociraptor " from the opening of the video .
Some critics felt that the song did not satirize the source material , but instead merely recounted the plot to Jurassic Park . Entertainment Weekly referred to the claymation video for the " Jurassic Park " as " clever but toothless " . The magazine argued that Yankovic 's parody did not satirize the original material , but instead transposed new elements on top of them . Rob Owen of Richmond Times @-@ Dispatch wrote that the song " does nothing but recount the plot of the hit movie " and that " dinosaurs don 't lend themselves to music " .
= = Track listing = =
CD single
" Jurassic Park " – 3 : 53
" Frank 's 2000 " TV " – 4 : 04
= = Charts = =
= = Credits and personnel = =
" Weird " Al Yankovic – vocals , background vocals , production , arrangement
Jim West – guitar
Steve Jay – bass guitar
Jon " Bermuda " Schwartz – drums
Brad Buxer – keyboards , synthetic orchestration
Sandy Berman – dinosaur growls
Tony Papa – engineering
= Foster @-@ Payne House =
Foster @-@ Payne House is a historic house at 25 Belmont Street in Pawtucket , Rhode Island . Built in 1878 , the two @-@ story multi @-@ gabled house is distinguished by its clapboarded and exterior woodwork and opulent parlors in the interior . The property also has a matching carriagehouse with gable roof and copula . The house was originally constructed and owned by Theodore Waters Foster , but it was sold to George W. Payne in 1882 . The Foster @-@ Payne House is architecturally significant as a well @-@ designed and well @-@ preserved late 19th century suburban residence . It was added to the National Register of Historic Places in 1983 .
= = History = =
The house was built in 1878 for Theodore Waters Foster , born on May 19 , 1847 , to Chauncey Foster and Ophelia Remington . He was educated in Pawtucket and joined the Rhode Island Cavalry in 1863 . He served in the American Civil War under Nathaniel P. Banks in the Red River Campaign . In 1873 , he formed a jewelry @-@ manufacturing partnership with Walter E. White and Samuel H. Baily , named White , Foster & Company . After White retired in 1878 , the company was renamed Foster & Bailey . During this time , Foster constructed the house and lived in it for a period of four years , commuting to his place of business in Providence , Rhode Island . Foster would continue to be successful in his jewelry manufacturing business and his son , Theodore Clyde Foster , would succeed him upon his death in 1928 . In 1882 , Theodore Foster sold the home to George W. Payne , the owner of the G. W. Payne & Company .
= = Design = =
Constructed in 1878 , the Foster @-@ Payne House is a two @-@ story home with a low @-@ pitched multi @-@ gabled roof . The house has a single story open porch on the western side , a kitchen ell that projects from the rear and a single @-@ story bay window that projects from the western bay of the front facade . The house is distinguished by its clapboard exterior and wooden trim under the gable peaks , the window trim and the porch brackets . There are three types of windows used on the house , single and paired one @-@ over @-@ one windows and two @-@ over @-@ two windows .
The small foyer on the western entry porch leads to the main stairhall that features a gently curving staircase with turned balusters and a curving rail . The first floor rooms are arranged in an " L " pattern on the southern and eastern sides with the kitchen placed on the northern ell . The interior of one room , not specified in the NRHP nomination , has been altered with a pressed tin ceiling . The second floor of the home was not described in the NRHP nomination . The interior of the rooms display late Victorian details , with the front parlor having a carved marble mantlepiece , a molded central ceiling medallion and a painted ceiling with scroll @-@ work . The back parlor has a marbleized slate mantlepiece with an over @-@ mounted mirror in a Renaissance Revival frame . On the back edge of the lot is a two @-@ story clapboarded carriagehouse with a Victorian cupola . This structure was not described in the NRHP nomination , but a photo from 2013 shows the cupola has been damaged .
= = Significance = =
The Foster @-@ Payne House is architecturally significant as a well @-@ designed and well @-@ preserved late 19th century suburban residence , with excellent interior detail and a matching carriagehouse . The area in which it is located was situated in an upper @-@ class suburban area , but since the late 19th @-@ century commercial and industrial buildings have entered the area . The property was added to the National Register of Historic Places in 1983 .
= Tropical Storm Marco ( 1990 ) =
Tropical Storm Marco was the only tropical cyclone to make landfall on the United States during the 1990 Atlantic hurricane season . The 13th named storm of the season , Marco formed from a cold @-@ core low pressure area along the northern coast of Cuba on October 9 , and tracked northwestward through the eastern Gulf of Mexico . With most of its circulation over the western portion of Florida , Tropical Storm Marco produced 65 mph ( 100 km / h ) winds over land . However , it weakened to a tropical depression before moving ashore near Cedar Key . The cyclone combined with a cold front and the remnants of Hurricane Klaus to produce heavy rainfall in Georgia and the Carolinas . After interacting with the nearby Hurricane Lili , Marco continued northward until being absorbed by a cold front on October 13 .
In Florida , the cyclone triggered flooding of some houses and roadways . Rainfall across its path peaked at 19 @.@ 89 inches ( 505 mm ) in Louisville , Georgia , though several locations received over 10 inches ( 250 mm ) of precipitation . The flooding caused a total of 12 deaths , mostly due to drowning , as well as $ 57 million in damage ( 1990 USD , $ 103 million 2016 USD ) .
= = Meteorological history = =
By early on October 6 , a low pressure area and circulation persisted over eastern Cuba in the middle levels of the atmosphere . The low drifted westward , and interacted with Hurricane Klaus to its east . Initially cold @-@ core in nature , the system gradually built downward to the surface , and on October 9 , the low developed a low @-@ level circulation ; at 1200 UTC the National Hurricane Center classified it as Tropical Depression Fifteen while located near the Cuban city of <unk> , though the cyclone was initially subtropical in character . To its east , Tropical Storm Klaus continued to weaken ; the depression absorbed most of Klaus and became the dominant system . The storm tracked parallel to the coast of Cuba before veering northward and crossing the Florida Keys , where it intensified into Tropical Storm Marco about 35 mi ( 55 km ) south @-@ southeast of Key West , Florida .
After passing midway between Key West and the Dry Tortugas , Tropical Storm Marco adopted a steady northward track and quickly intensified , reaching peak winds of 65 mph ( 100 km / h ) on October 11 , while still southwest of Englewood , Florida . The center of the storm continued on its off @-@ shore parallel for another six hours after reaching its peak intensity , until it reached a position about six mi ( 10 km ) west of Bradenton Beach ; although the center of the storm remained offshore , much of its circulation was over land . Initially the storm still was forecast to move ashore between Fort Myers and Sarasota . However , the cyclone continued its northward trajectory , the center remaining offshore , and it weakened to a tropical depression prior to making landfall near Cedar Key early on October 12 .