4  See Charles W. Calomiris and Gary Gorton (1991), “The Origins of Banking Panics: Models, Facts, and Bank Regulation,” in R. Glenn Hubbard, ed., Financial Markets and Financial Crises (Chicago: University of Chicago Press), pp. 109–74.
BIS central bankers’ speeches  1  panics, money markets were tight when the panic struck in October, reflecting the strong seasonal demand for credit associated with the harvesting and shipment of crops. The immediate trigger of the panic was a failed effort by a group of speculators to corner the stock of the United Copper Company.