The 1907 U.S. financial crisis that triggered a rescue led by J. P. Morgan was the Panic of 1907.
The panic began after a failed attempt to corner the stock of United Copper Company. When the scheme collapsed, depositors withdrew money from banks and trust companies connected to the speculators. The crisis worsened because the United States lacked a modern central bank capable of supplying emergency liquidity.
J. P. Morgan organized private bankers to provide funds and stabilize threatened institutions. He reportedly kept key financiers working through the night while deciding which banks and trust companies could be saved. The episode demonstrated how dependent the financial system was on a single powerful banker.
The panic helped build political support for monetary reform. In 1913, the Federal Reserve System was created, giving the United States a permanent central-bank structure. The event is distinct from the Panic of 1893, another major U.S. financial crisis.