A powerful narrative at that time was the story of a celebrity, J. P. Morgan, widely considered one of the richest people in America. In the absence of any US central bank during the Panic of 1907, he used his own money for, and he prevailed on other bankers to contribute to, a bailout of the banking system. This saving of the United States from a serious depression was a truly powerful story, and Morgan’s celebrity only grew. He later built his central office building at 23 Wall Street.
