Book Review Lessons from 1907 about market crashes By Jennifer Coogan, Reuters | August 12, 2007
The Panic of 1907: Lessons Learned from the Market’s ‘‘Perfect Storm,’’ by Robert F Bruner and Sean D.Carr, Wiley, $29.95
"The current upheaval in global markets has many on Wall Street drawing comparisons to turmoil in 1998, 1987, and even 1929, but a new book suggests investors should look back as far as 1907 for insight into the mechanisms that can trigger a crash.
'The Panic of 1907' (Wiley, $29.95) begins with the Park Avenue suicide of Charles Barney, a prominent New York banker. Barney was one of many casualties -- both individual and institutional -- of an attempt to corner the market in shares of United Copper Co., which brought a string of banks to the brink of collapse.
Authors Robert Bruner and Sean Carr illustrate the domino effect of the panic from the plunge in United Copper shares all the way to the bankruptcy threat for the city of New York."