Jon Moen is a Professor of Economics at the University of Mississippi. He has published papers on US slavery, retirement, and bank panics during the National Banking Era. He is a member of the Economic History Association, the Economic History Society, and the Cliometrics Society. Mary Tone Rodgers is an Adjunct Instructor of Finance and Economics at the State University of New York. She enjoyed a 30-year career at Merrill Lynch before moving to academia where she received the 2022 Chancellor's Award for Excellence in Teaching.

• 1. Introduction; 2. Morgan and bank reserves: a user's guide; 3. Morgan's routine business syndicates; 4. Early panics: 1837 and 1857; 5. Panics in the early national banking era 1873–1893; 6. Silverite threats in 1894; 7. 1895 and 1896 transactions to replenish the US Treasury; 8. Lesser crises: 1899–1902; 9. Panic of 1907: the domestic front; 10. Panic of 1907: the international front; 11. 1908: the long clean up; 12. Summary, legacy and relevance; Technical Appendix 1.1 Supply and demand for short-term liquidity; Technical Appendix 2.1 Bank pooling methods; Technical Appendix 2.2 Loan certificates; Technical Appendix 3.1 Morgan's routine business syndicates; Technical Appendix 6.1 The International Gold Standard; Technical Appendix 8.1 Morgan's routine syndicates after 1895; Technical Appendix 12.1 Aldrich Vreeland Act Analysis.

'This outstanding book offers fresh insights on financial crises, J. P. Morgan, and business history. Its research exploits long-neglected archives, novel analysis, and masterful synthesis of events. And it highlights the impacts of information, collective action, social networks, tactics, precedents, and the willingness of leaders to risk private loss - all in combatting financial crises. The lessons are bracing and highly relevant to the present day.' Robert F. Bruner, Professor Emeritus and Dean Emeritus, University of Virginia, and co-author of The Panic of 1907: Heralding a New Era of Finance, Capitalism, and Democracy

Jon Moen is a Professor of Economics at the University of Mississippi. He has published papers on US slavery, retirement, and bank panics during the National Banking Era. He is a member of the Economic History Association, the Economic History Society, and the Cliometrics Society. Mary Tone Rodgers is an Adjunct Instructor of Finance and Economics at the State University of New York. She enjoyed a 30-year career at Merrill Lynch before moving to academia where she received the 2022 Chancellor's Award for Excellence in Teaching.

• 1. Introduction; 2. Morgan and bank reserves: a user's guide; 3. Morgan's routine business syndicates; 4. Early panics: 1837 and 1857; 5. Panics in the early national banking era 1873–1893; 6. Silverite threats in 1894; 7. 1895 and 1896 transactions to replenish the US Treasury; 8. Lesser crises: 1899–1902; 9. Panic of 1907: the domestic front; 10. Panic of 1907: the international front; 11. 1908: the long clean up; 12. Summary, legacy and relevance; Technical Appendix 1.1 Supply and demand for short-term liquidity; Technical Appendix 2.1 Bank pooling methods; Technical Appendix 2.2 Loan certificates; Technical Appendix 3.1 Morgan's routine business syndicates; Technical Appendix 6.1 The International Gold Standard; Technical Appendix 8.1 Morgan's routine syndicates after 1895; Technical Appendix 12.1 Aldrich Vreeland Act Analysis.

'This outstanding book offers fresh insights on financial crises, J. P. Morgan, and business history. Its research exploits long-neglected archives, novel analysis, and masterful synthesis of events. And it highlights the impacts of information, collective action, social networks, tactics, precedents, and the willingness of leaders to risk private loss - all in combatting financial crises. The lessons are bracing and highly relevant to the present day.' Robert F. Bruner, Professor Emeritus and Dean Emeritus, University of Virginia, and co-author of The Panic of 1907: Heralding a New Era of Finance, Capitalism, and Democracy

Jon Moen is a Professor of Economics at the University of Mississippi. He has published papers on US slavery, retirement, and bank panics during the National Banking Era. He is a member of the Economic History Association, the Economic History Society, and the Cliometrics Society. Mary Tone Rodgers is an Adjunct Instructor of Finance and Economics at the State University of New York. She enjoyed a 30-year career at Merrill Lynch before moving to academia where she received the 2022 Chancellor's Award for Excellence in Teaching.

• 1. Introduction; 2. Morgan and bank reserves: a user's guide; 3. Morgan's routine business syndicates; 4. Early panics: 1837 and 1857; 5. Panics in the early national banking era 1873–1893; 6. Silverite threats in 1894; 7. 1895 and 1896 transactions to replenish the US Treasury; 8. Lesser crises: 1899–1902; 9. Panic of 1907: the domestic front; 10. Panic of 1907: the international front; 11. 1908: the long clean up; 12. Summary, legacy and relevance; Technical Appendix 1.1 Supply and demand for short-term liquidity; Technical Appendix 2.1 Bank pooling methods; Technical Appendix 2.2 Loan certificates; Technical Appendix 3.1 Morgan's routine business syndicates; Technical Appendix 6.1 The International Gold Standard; Technical Appendix 8.1 Morgan's routine syndicates after 1895; Technical Appendix 12.1 Aldrich Vreeland Act Analysis.

'This outstanding book offers fresh insights on financial crises, J. P. Morgan, and business history. Its research exploits long-neglected archives, novel analysis, and masterful synthesis of events. And it highlights the impacts of information, collective action, social networks, tactics, precedents, and the willingness of leaders to risk private loss - all in combatting financial crises. The lessons are bracing and highly relevant to the present day.' Robert F. Bruner, Professor Emeritus and Dean Emeritus, University of Virginia, and co-author of The Panic of 1907: Heralding a New Era of Finance, Capitalism, and Democracy