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1907

Panic of 1907

A New York scramble, a private rescue, and no public central bank yet.

1907 Puck magazine cartoon titled “The panic,” showing Wall Street turmoil around the banking crisis.
“The panic” (Puck, 1907) — Keppler cartoon of the banking scramble that preceded the Fed.Public domain — Library of Congress (LCCN 2011647205); no known restrictions.

In 1907 New York trust companies ran short of cash. Private bankers, led by J. Pierpont Morgan’s group, organized emergency support. The United States had no central bank to do that job.

The Federal Reserve Act is 1913, after this panic. The Fed did not cause 1907.

Panic of 1907 and the Fed →