The 1907 U.S. financial panic was called the Panic of 1907.
The crisis began after a failed attempt to corner the stock of United Copper Company. Depositors then rushed to withdraw funds from banks and trust companies connected with the speculators. The panic spread through New York’s financial system and caused sharp market declines.
J. P. Morgan organized private support for threatened institutions and helped coordinate emergency lending. His intervention highlighted the weakness of a financial system without a formal central bank capable of acting as lender of last resort.
The panic helped motivate the Aldrich–Vreeland Act of 1908 and the National Monetary Commission. Those developments contributed to the creation of the Federal Reserve System in 1913. The Federal Reserve therefore came later, rather than existing during the 1907 crisis.