The 1907 U.S. financial crisis was called the Panic of 1907.
The panic began after a failed attempt to corner the stock of United Copper Company caused runs on trust companies connected to the speculators. Confidence deteriorated rapidly, and depositors withdrew money from banks and financial institutions in New York.
J. Pierpont Morgan organized private support for threatened institutions and helped stabilize the banking system. His intervention highlighted the absence of a permanent U.S. central bank able to act as lender of last resort.
The crisis helped build political support for the Federal Reserve System, which Congress created in 1913. The Panic of 1907 is sometimes linked to the 1907 stock-market decline, but it was primarily a banking and credit panic. The Panic of 1893 and Panic of 1873 were earlier, separate U.S. financial crises.