During the Panic of 1907, J. P. Morgan organized the private rescue of the US banking system.
The crisis intensified in October 1907 after a failed attempt to corner shares of the United Copper Company triggered runs on trust companies, especially the Knickerbocker Trust Company in New York. The panic threatened banks, brokers, and the New York Stock Exchange.
J. P. Morgan used his financial influence to coordinate emergency loans and persuade banks to provide funds. He also helped arrange support for the Trust Company of America and other institutions. In one famous episode, Morgan and other financiers worked through the night to decide which institutions could receive assistance.
The panic eventually eased after emergency financing and a large corporate loan helped stabilize markets. The episode exposed weaknesses in the US banking system and contributed to the creation of the Federal Reserve System in 1913. Morgan did not act as a government official; he led a private banking consortium before the United States had a central bank.