The 1907 U.S. panic was called the Panic of 1907.
The crisis began after a failed attempt to corner the stock of United Copper Company. The failure damaged trust in the Knickerbocker Trust Company, whose depositors withdrew funds. Contagion spread through banks and trust companies, creating a liquidity crisis.
Financier J. P. Morgan coordinated private-sector support for threatened institutions. The episode exposed the weakness of a banking system without a permanent central bank able to supply emergency liquidity.
The panic helped motivate the Aldrich–Vreeland Act of 1908 and the National Monetary Commission. Those developments contributed to the Federal Reserve Act of 1913 and the creation of the Federal Reserve System, rather than to a single institution formally called its predecessor.