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Events on Tuesday 22 October 1907 1
1907Panic of 1907Wall Street banking crisis triggers global financial panicA sharp stock market decline and bank runs in New York in October 1907 pushed the US financial system to the brink of collapse. Financier J. P. Morgan organized a group of bankers to shore up failing trust companies and restore confidence. The crisis exposed the lack of a central bank and led directly to the creation of the Federal Reserve System in 1913.