barney knew a speculator named charles morse. and a partner, frederick hines, schemed to manipulate copper's price on wall street. copper was a hot item many people speculated on. there is debate, historically over the extent of barney's involvement, but many believe he made the behind-the-scenes arrangements as the morse-hines combine began setting its trap in early 1907. historian robert sobel explains. hines came to new york where he met morse a small-time speculator. their plan was to get several banks behind them and use the banks' assets to create a new copper company united copper, push the stock up, and squeeze those people who sold the stock thinking it would go down. what happened? the stock market was heading downward because of a money crunch. the economy was overheating. many people were frightened of a crash. they took their gold out of the banks. people knew the knickerbocker was connected with united copper, which started to collapse. depositors started to appear ansaid, "give us our gold," and the money started fl