<P> Associates of Morgan blamed his continued physical decline on the hearings . In February he became very ill and died on March 31, 1913--nine months before the "money trust" would be officially replaced as lender of last resort by the Federal Reserve . </P> <Table> <Tr> <Th_colspan="2"> Timeline of panic in New York City </Th> </Tr> <Tr> <Th_colspan="2"> </Th> </Tr> <Tr> <Th> Monday, October 14 </Th> </Tr> <Tr> <Td> Otto Heinze begins purchasing to corner the stock of United Copper . </Td> </Tr> <Tr> <Th> Wednesday, October 16 </Th> </Tr> <Tr> <Td> Heinze's corner fails spectacularly . Heinze's brokerage house, Gross & Kleeberg is forced to close . This is the date traditionally cited as when the corner failed . </Td> </Tr> <Tr> <Th> Thursday, October 17 </Th> </Tr> <Tr> <Td> The Exchange suspends Otto Heinze and Company . The State Savings Bank of Butte, Montana, owned by Augustus Heinze announces it is insolvent . Augustus is forced to resign from Mercantile National Bank . Runs begin at Augustus' and his associate Charles W. Morse's banks . </Td> </Tr> <Tr> <Th> Sunday, October 20 </Th> </Tr> <Tr> <Td> The New York Clearing House forces Augustus and Morse to resign from all their banking interests . </Td> </Tr> <Tr> <Th> Monday, October 21 </Th> </Tr> <Tr> <Td> Charles T. Barney is forced to resign from the Knickerbocker Trust Company because of his ties to Morse and Heinze . The National Bank of Commerce says it will no longer serve as clearing house . </Td> </Tr> <Tr> <Th> Tuesday, October 22 </Th> </Tr> <Tr> <Td> A bank run forces the Knickerbocker to suspend operations . </Td> </Tr> <Tr> <Th> Wednesday, October 23 </Th> </Tr> <Tr> <Td> J.P. Morgan persuades other trust company presidents to provide liquidity to the Trust Company of America, staving off its collapse . </Td> </Tr> <Tr> <Th> Thursday, October 24 </Th> </Tr> <Tr> <Td> Treasury Secretary George Cortelyou agrees to deposit Federal money in New York banks . Morgan persuades bank presidents to provide $23 million to the New York Stock Exchange to prevent an early closure . </Td> </Tr> <Tr> <Th> Friday October 25 </Th> </Tr> <Tr> <Td> Crisis is again narrowly averted at the Exchange . </Td> </Tr> <Tr> <Th> Sunday, October 27 </Th> </Tr> <Tr> <Td> The City of New York tells Morgan associate George Perkins that if they cannot raise $20--30 million by November 1, the city will be insolvent . </Td> </Tr> <Tr> <Th> Tuesday, October 29 </Th> </Tr> <Tr> <Td> Morgan purchased $30 million in city bonds, discreetly averting bankruptcy for the city . </Td> </Tr> <Tr> <Th> Saturday, November 2 </Th> </Tr> <Tr> <Td> Moore & Schley, a major brokerage, nears collapse because its loans were backed by the Tennessee Coal, Iron & Railroad Company (TC&I), a stock whose value is uncertain . A proposal is made for U.S. Steel to purchase TC&I . </Td> </Tr> <Tr> <Th> Sunday, November 3 </Th> </Tr> <Tr> <Td> A plan is finalized for U.S. Steel to take over TC&I . </Td> </Tr> <Tr> <Th> Monday, November 4 </Th> </Tr> <Tr> <Td> President Theodore Roosevelt approves U.S. Steel's takeover of TC&I, despite anticompetitive concerns . </Td> </Tr> <Tr> <Th> Tuesday, November 5 </Th> </Tr> <Tr> <Td> Markets are closed for Election Day (no federal elections were actually held this year). </Td> </Tr> <Tr> <Th> Wednesday, November 6 </Th> </Tr> <Tr> <Td> U.S. Steel completes takeover of TC&I . Markets begin to recover . Destabilizing runs at the trust companies do not begin again . </Td> </Tr> </Table> <Tr> <Th_colspan="2"> Timeline of panic in New York City </Th> </Tr> <Tr> <Th> Monday, October 14 </Th> </Tr>

What was the result of the panic of 1907