The 1907 U.S. financial crisis triggered by a failed attempt to corner United Copper shares was called the Panic of 1907.
The speculation collapsed in October 1907, causing runs on Knickerbocker Trust Company and other financial institutions. Because the United States had no modern central bank, private financiers led by J. P. Morgan organized emergency support to prevent a wider collapse.
The panic spread through banks, trust companies, and the stock market. Morgan’s intervention helped stabilize the system, but the episode exposed weaknesses in American financial arrangements.
A common mix-up is treating the Panic of 1907 as a single stock-exchange crash. It was broader: a banking panic, liquidity crisis, and market sell-off. Its aftermath helped inspire the creation of the Federal Reserve System in 1913.