Before the Fed, J.P. Morgan Was Our Central Bank

Before the Fed, J.P. Morgan Was Our Central Bank



Before the Fed, J.P. Morgan Was Our Central Bank
‍In October 1907, the financier J. P. Morgan was in Richmond, Virginia. He was there to attend a conference of the Episcopal Church, of which he was a senior benefactor and a church leader. But then he received word from his partners to hasten back to New York City. A failed stock market speculation had led to the collapse of two brokerage firms and runs on several trust companies and banks. ‍ ‍

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