The official name of the 1907 U.S. panic that caused a major New York stock-market collapse is the Panic of 1907.
The crisis began after a failed attempt to corner the stock of United Copper Company in October 1907. When the scheme collapsed, depositors rushed to withdraw money from banks and trust companies connected to the speculators. The loss of confidence spread through New York’s financial system and affected markets nationwide.
J. Pierpont Morgan organized emergency private-sector support, persuading bankers to provide funds and stabilize troubled institutions. The episode demonstrated how dependent the United States was on individual financiers because it had no central bank. Congress later created the National Monetary Commission, helping lead to the Federal Reserve System in 1913.
The Panic of 1907 is not the same as the 1907 stock-market peak or a single trading-day crash. It was a wider banking and credit crisis whose stock-market effects formed only one part of the event.