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The Banking Panic in New Mexico in 1924 and the Response of the Federal Reserve

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Abstract

There was a banking panic in New Mexico in early 1924 when about one-fourth of the banks in the state closed temporarily or permanently amid widespread runs. The Federal Reserve used both high profile and behind the scenes operations to calm the panic. This paper provides a history of this episode and explores how conspicuous and inconspicuous aspects of the Federal Reserve’s response interacted to bolster confidence in the banking system.

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  • Mark A. Carlson, 2025. "The Banking Panic in New Mexico in 1924 and the Response of the Federal Reserve," Finance and Economics Discussion Series 2025-064, Board of Governors of the Federal Reserve System (U.S.).
    • Handle: RePEc:fip:fedgfe:2025-64
    DOI: 10.17016/FEDS.2025.064
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    JEL classification:

    • G01 - Financial Economics - - General - - - Financial Crises
    • N21 - Economic History - - Financial Markets and Institutions - - - U.S.; Canada: Pre-1913

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