 On July 27 , The Commercial & Financial Chronicle noted that " the market keeps unstable ... no sooner are these signs of new life in evidence than something like a suggestion of a new outflow of gold to Paris sends a tremble all through the list , and the gain in values and hope is gone " . Several bank runs occurred outside the US in 1907 : in Egypt in April and May ; in Japan in May and June ; in Hamburg and Chile in early October . The fall season was always a vulnerable time for the banking system — combined with the roiled stock market , even a small shock could have grave repercussions . 
