What nickname was given to the 1907 U.S. financial crisis?
Answer
Panic of 1907
Answer
Panic of 1907
The 1907 U.S. financial crisis was called the Panic of 1907.
The panic began after a failed attempt to corner the stock of United Copper Company. Depositors then withdrew money from institutions linked to the speculators, and fear spread through banks and trust companies, especially in New York.
The crisis became particularly severe after the Knickerbocker Trust Company failed. J. P. Morgan organized private emergency support, persuaded banks to cooperate, and helped stabilize the financial system when no modern central bank existed in the United States.
The panic influenced the creation of the Federal Reserve System in 1913. It is sometimes confused with the later crashes of 1929 and 1987, but its defining feature was a banking and trust-company run rather than a single famous trading session.
Source: Wikipedia · fact-checked Oct. 2026