Using a unique dataset of daily returns on all Swiss stocks traded on the Zurich exchange, I use event study methods to show that the New York Bankers' Panic of 1907 affected foreign stock markets earlier than previous studies of the international spillovers of this crisis suggest. Moreover, the spillovers were confined to banks' stocks and did not significantly influence returns on Swiss firms' stocks from other sectors. Key events, such as the news about the bankruptcy of the Knickerbocker Trust or announcements of the Bank of England, coincided with significant abnormal daily returns on Swiss banks' stocks.