The 1907 United States financial crisis that nearly caused the New York Stock Exchange to collapse was the Panic of 1907.
The panic began in October 1907 after an attempt to corner the stock of United Copper failed. Depositors withdrew money from trust companies, especially the Knickerbocker Trust Company in New York. Fear then spread through banks and financial markets.
J. Pierpont Morgan organized private support for banks and brokerages, helping stabilize the system when no modern central bank existed in the United States. The crisis exposed weaknesses in the country’s fragmented banking structure.
The Panic of 1907 helped build political support for monetary reform. Congress created the National Monetary Commission, whose work contributed to the Federal Reserve Act of 1913. It is sometimes called a stock-market crash, but it was also a broader banking panic and credit crisis.