May 31,1909, parade of unemployed men in New York City, holding signs calling for the unemployed to rally together. A few of the signs read "The right to work shall be guaranteed to all citizens regardless of creed, color or sex" and "Fall in line make way for brotherhood establish justice". The Panic of 1907 was a financial crisis that occurred when the NY Stock Exchange fell almost 50% from its peak the previous year. There were numerous runs on banks and trust companies, and, in the aftermath, created widespread unemployment. The panic was triggered by the failed attempt in October 1907 to corner the market on stock of the United Copper Company. When this bid failed, banks that had lent money to the cornering scheme suffered runs that later spread to affiliated banks and trusts, leading a week later to the downfall of the Knickerbocker Trust Company, NYC's third largest trust. The collapse of the Knickerbocker spread fear throughout the city's trusts as regional banks withdrew reserves from NYC banks. Panic extended across the nation as vast numbers of people withdrew deposits from their regional banks.