What was the 1907 US financial panic called?

The 1907 US financial panic was called the Panic of 1907.

The crisis began after a failed attempt to corner the stock of United Copper Company. The failure damaged confidence in several trust companies and helped trigger bank runs, withdrawals, and a sharp contraction in credit. The New York Stock Exchange also suffered a major decline.

Banker J. P. Morgan organized private support for threatened institutions and helped stabilize the financial system. His intervention highlighted how heavily the United States depended on private financiers during emergencies.

The Panic of 1907 became a major argument for creating a central bank. After investigations and political debate, Congress passed the Federal Reserve Act in 1913, establishing the Federal Reserve System. The panic is sometimes called the Knickerbocker Panic because the Knickerbocker Trust Company was one of its most prominent casualties.