Oliver Payne, Moore & Schley and the Panic of 1907

A Classification of American Wealth
History and genealogy of the wealthy families of America - Sponsors

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The Payne - Whitney Family of Cleveland and New York

Page entitled : Oliver Payne, Moore & Schley and the Panic of 1907

Content of this page is about :
How Oliver H. Payne was affected by the Panic of 1907 through his involvement with Moore & Schley in the Tennessee, Coal & Iron company.

Extract :
… Hanna, Gates and their financiers had the intention to merge Tennessee Coal & Iron with their Republic Iron & Steel Co, another major competitor of the steel trust. The consolidation would have been a serious threat to the Morgan controlled U.S. Steel Corp. J.P. Morgan & Co, along with George F. Baker’s First National Bank and the Stillman-Rockefeller’s National City Bank, also controlled the money market. Thus when the failing liquidity of trust companies and the squeeze of Moore & Schley, brought by the opportunity to acquire ...

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