u The fight of the copper kings in Butte Montana induced a major crisis in the U.S. financial system. J.P. Morgan stepped in with his great fortune and inspirational power (rallying point) and rescued the U.S. from an impending economic meltdown.
u Founded in 1910, Salomon Brothers is mainly active in the bond trading business.
u On March 31, 1913, J.P. Morgan passed away. J.P. Morgan was a great American banker who dominated the finance market of his time and literally saved the U.S. twice from serious economic crises.
u On December 13, the Federal Reserve System (informally known as the Fed) was created. At that time, because of a series of financial crises during the last quarter of the 19th century and the beginning of the 20th century, the demand for a new central bank system was renewed and became even stronger.
u This year, Archduke Franz Ferdinand of Austria and his wife were killed in Sarajevo. The event, known as the “Assassination in Sarajevo”, eventually triggered World War Ⅰ, during which Europe lost its dominance in global markets and the world entered “the American Century”.
u After a short panic at the beginning of World War Ⅰ, Wall Street embraced the start of a new era - the 1920s, which was known for the first great bull market in history.
u Citibank, the then National City Bank of New York, opened its first foreign branch in Buenos Aires, Argentina. The bank became the first U.S. national bank to open an overseas branch.
u Charles Merrill, one of the founders of Charles E. Merrill & Co. changed the company name to Merrill Lynch & Co.
u With World War Ⅰ finally coming to an end, the U.S. as a nation became a net creditor from a net debtor. Wall Street made a fortune from the war by giving out loans and acting as purchase agents.
u The National City Bank of New York, later known as the Citibank, became the first bank in the world to have total assets exceeding US$1 billion.