https://en.wikipedia.org/wiki/List_of_recessions_in_the_United_States
Panic of 1907: May 1907 – June 1908 1 year 1 month 2 years 9 months −29.2% −31.0% A run on Knickerbocker Trust Company deposits on October 22, 1907, set events in motion that would lead to a severe monetary contraction. The fallout from the panic led to Congress creating the Federal Reserve System. Panic of 1910–1911: Jan 1910 – Jan 1912