 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 . 
