PARIS  Just over 100 years ago, J. P. Morgan gathered his fellow financiers at his Manhattan mansion amid growing financial panic and declared, “This is where the trouble stops.”

Last weekend, as one of the gravest crises since then accelerated, a similar conclave gathered farther downtown, at the Federal Reserve Bank of New York.

This time, the Fed chairman and the Treasury secretary summoned the bosses of Wall Street giants including Citigroup, Goldman Sachs and, yes, JPMorgan. The officials had a similar ultimatum: find an industry solution to halt the undoing of Wall Street’s financial order.

But, different from the action that brought the successful denouement to the Panic of 1907, banks did not want to gamble their own position to prevent, in this case, the demise of Lehman Brothers.