 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 % . 
