The 1907 United States financial crisis that triggered a major stock-market panic was the Panic of 1907.
The panic began after an unsuccessful attempt to corner the stock of United Copper Company. Depositors withdrew money from banks and trust companies connected to the failed speculation, and fear spread through the financial system.
The New York Stock Exchange fell sharply, while banks and trusts faced runs. J. P. Morgan organized private support to stabilize key institutions because the United States had no modern central bank at the time.
The crisis helped build political support for creating the Federal Reserve System. Congress established the Federal Reserve in 1913, giving the country a permanent central banking structure.