The 1907 U.S. financial crisis after a failed attempt to corner United Copper stock is called the Panic of 1907.
The crisis began in October 1907 when speculators F. Augustus Heinze and Charles W. Morse tried to manipulate United Copper Company shares. When the scheme failed, depositors rushed to withdraw money from banks linked to the speculators. The withdrawals spread through trust companies in New York.
Financier J. P. Morgan helped stabilize the banking system by organizing emergency loans and persuading banks to cooperate. The panic exposed the weakness of a U.S. financial system without a central bank capable of acting as lender of last resort.
The crisis helped lead to the creation of the Federal Reserve System in 1913. It is sometimes confused with the Panic of 1893, another severe U.S. banking crisis, but the two events occurred in different decades and had different immediate triggers.