The Panic of 1907 was one of the most significant financial crises in American history . There had been several contributing factors , such as the huge cost of the devastating 1906 San Francisco earthquake , but it was the actions of the Heinze brothers that had caused much of the panic . The 1907 crash eventually lead to the formation of the US Federal Reserve System in 1913
1906 San Francisco earthquake
1906 San Francisco earthquake
F. Augustus Heinze