The 1907 United States stock-market panic was called the Panic of 1907.
The crisis began after a failed attempt to corner the shares of United Copper Company. When the scheme collapsed, depositors withdrew money from banks connected to the speculators, spreading fear through New York’s financial system.
The United States had no modern central bank at the time. J. P. Morgan therefore organized emergency lending and persuaded other bankers to provide funds, helping prevent a wider collapse. The episode demonstrated how dependent the financial system was on private coordination during a panic.
The crisis led to investigations and reforms. The Aldrich–Vreeland Act of 1908 created emergency currency provisions and established the National Monetary Commission. Its work helped shape the Federal Reserve Act of 1913, which created the Federal Reserve System.