Panic of 1907

context: en: Although calm was largely restored in New York by Saturday, November 2, yet another crisis loomed. One of the exchange's largest brokerage firms, Moore & Schley, was heavily in debt and in danger of collapse. The firm had borrowed heavily, using shares of the Tennessee Coal, Iron and Railroad Company (TC&I) as collateral. With the value of the thinly traded stock under pressure, many banks would likely call the loans of Moore & Schley on Monday and force an en masse liquidation of the firm's stock. If that occurred it would send  TC&I shares plummeting, devastating Moore and Schley and triggering further panic in the market.To avert the collapse of Moore & Schley, Morgan called an emergency conference at his library Saturday morning. A proposal was made that the U.S. Steel Corporation, a company Morgan had helped form through the merger of the steel companies of Andrew Carnegie and Elbert Gary, would acquire TC&I. This would effectively save Moore & Schley and avert the crisis. The executives and board of U.S. Steel studied the situation and offered to either loan Moore & Schley $5 million, or buy TC&I for $90 a share. By 7 p.m. an agreement had not been reached and the meeting adjourned.By then, Morgan was drawn into another situation. There was deep concern that the Trust Company of America and the Lincoln Trust might fail to open on Monday due to continuing runs by depositors. On Saturday evening 40–50 bankers gathered at the library to discuss the crisis, with the clearing-house bank presidents in the East room and the trust company executives in the West room. Morgan and those dealing with the Moore & Schley situation moved to the librarian's office. There Morgan told his counselors that he would agree to help shore up Moore & Schley only if the trust companies would work together to bail out their weakest brethren. The discussion among the bankers continued late into Saturday night but without much progress. Around midnight, J. P. Morgan informed a leader of the trust company presidents that keeping Moore & Schley afloat would require $25 million, and he would not commit those funds unless the problems with the trust companies could also be resolved. The trust company executives understood they would not receive further help from Morgan; they would have to finance any bailout of the two struggling trust companies.
qas: question: zh_tw: 這家公司用哪些公司的股份做抵押來借款？
answers: en: text: Tennessee Coal, Iron and Railroad Company (TC&I)

context: en: 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%.On July 27, The Commercial & Financial Chronicle noted that "the market keeps unstable ... no sooner are these signs of new life in evidence than something like a suggestion of a new outflow of gold to Paris sends a tremble all through the list, and the gain in values and hope is gone". Several bank runs occurred outside the US in 1907: in Egypt in April and May; in Japan in May and June; in Hamburg and Chile in early October. The fall season was always a vulnerable time for the banking system—combined with the roiled stock market, even a small shock could have grave repercussions.
qas: question: zh_tw: 三月的股市崩潰有時會被稱為什麼？
answers: en: text: rich man's panic