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 triggered runs on trust companies. The weakness spread through New York’s financial system, threatening banks and the stock market. The New York Stock Exchange experienced a severe liquidity crisis as call money became extremely expensive.
J. P. Morgan coordinated private-sector support, persuading bankers to provide funds and helping prevent a broader collapse. His intervention demonstrated how heavily the United States depended on individual financiers because it had no modern central bank at the time.
The panic helped build political support for financial reform. The Federal Reserve System was created in 1913, several years after the crisis. This event is distinct from the 1929 Wall Street Crash, even though both involved New York markets.