What was the official name of the U.S. financial panic that began in 1907?

The official historical name of the U.S. financial crisis that began in 1907 is the Panic of 1907.

The panic started after an unsuccessful attempt to corner the stock of United Copper Company. When the plan failed, depositors withdrew money from linked banks and trust companies, spreading fear through New York’s financial system.

Banker J. P. Morgan organized emergency lending and persuaded institutions to support vulnerable companies. The episode helped convince American leaders that the country needed a permanent central banking institution. The Federal Reserve System was created in 1913, although it did not exist during the panic itself. The event is also called the Knickerbocker Crisis because the Knickerbocker Trust Company was central to the withdrawals.