The 1907 financial crisis centered on the failed United Copper speculation was called the Panic of 1907.
Speculators F. Augustus Heinze and Charles W. Morse attempted to control United Copper shares. When the plan failed, depositors rushed to withdraw money from banks connected to the speculators. The panic spread through trust companies in New York.
At the time, the United States had no modern central bank. Financier J. P. Morgan organized emergency support, persuaded banks to provide liquidity, and helped prevent the collapse from spreading further. His intervention made the episode a landmark in American financial history.
The Panic of 1907 helped build political support for banking reform. The Federal Reserve System was created in 1913, giving the United States a lender of last resort that had not existed during the crisis.