What was the name of the 1907 U.S. crisis that prompted calls for a central bank?

The Panic of 1907 was the U.S. crisis that prompted calls for a central bank.

The panic began after a failed attempt to corner the stock of United Copper Company. Depositors then withdrew money from banks and trust companies connected to the speculators, producing runs that spread through the financial system. The Knickerbocker Trust Company, New York’s third-largest trust, suspended operations on October 22, 1907.

With no Federal Reserve yet in existence, financier J. P. Morgan organized emergency support with other bankers and helped prevent a wider collapse. The Treasury Department also supplied funds. The crisis demonstrated how heavily the country depended on private coordination during a banking emergency.

Congress responded by creating the National Monetary Commission, which studied central banking systems abroad. That process eventually contributed to the Federal Reserve Act of 1913. The Panic of 1907 is therefore a key link between a stock-market and banking crisis and the creation of the U.S. central bank.