The 1907 U.S. market panic is commonly called the Panic of 1907.
The crisis began after speculation and a failed attempt to corner the stock of United Copper Company damaged confidence in New York’s trust companies. The Knickerbocker Trust Company collapsed in October, prompting deposit withdrawals and fears that other financial institutions could fail.
J. Pierpont Morgan organized private-sector support, gathered bankers in his library, and helped arrange loans and asset purchases to stabilize the system. The Treasury also supplied funds. The emergency demonstrated how dependent the United States was on a private financier because it did not yet have a central bank like the later Federal Reserve.
The panic helped build political support for monetary reform. The Federal Reserve System was created in 1913, partly in response to weaknesses revealed by the crisis. The Panic of 1907 is therefore connected to, but distinct from, the much larger crashes of 1929 and 2008.