The Panic of 1907 was a six-week stretch of bank runs in October and early November of 1907, where the stock market crashed, the city ran out of money and numerous banks and brokerage firms went bankrupt. The event was triggered by an earthquake a year earlier in San Francisco and a failed short squeeze in United Copper stock by Fritz Augustus Heinze and Charles W Morse.

J. Pierpont Morgan famously took action to bring the business community together to save the US economy from collapse. The panic of 1907 was the crisis led to the creation of the Federal Reserve System.

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The Panic of 1907 - How JP Morgan Saved the US Economy.

Patrick Boyle On Finance

The Panic of 1907 - How JP Morgan Saved the US Economy.