A Lion In The Street

How J. P. Morgan, like a “one-man Federal Reserve,” calmed the bankers and helped ease the Panic of 1907

On August 8, 1911, a committee of the House of Representatives was interrogating George W. Perkins, a former partner of the House of Morgan, about the control of the Morgan firm over the steel industry. Tempers matched the heat of the Washington weather as the questioning ranged over every aspect of the firm’s affairs. Time and again the witness and Chairman Augustus O. Stanley clashed—interrupting each other repeatedly, their voices rising.