The U.S. financial panic in 1907 was called the Panic of 1907.
The crisis began after failed speculation in the stock of United Copper Company undermined confidence in several associated banks and trust companies. The collapse of the Knickerbocker Trust Company in New York in October intensified withdrawals and threatened the wider financial system.
At the time, the United States had no central bank capable of quickly supplying emergency liquidity. Financier J. P. Morgan organized private support for banks and trust companies, helping prevent a broader collapse. The panic also spread into stock markets, where prices fell sharply.
The episode helped convince American lawmakers that the country needed a more reliable lender of last resort. The Federal Reserve System was created in 1913. The Panic of 1907 is sometimes confused with the Panic of 1893, another severe U.S. financial crisis, but they were separate events.