Which 1907 New York financier helped organize a rescue during the Panic of 1907?

J. P. Morgan helped organize a rescue during the Panic of 1907.

In October and November 1907, a failed attempt to corner shares of United Copper triggered runs on trust companies and banks. The crisis spread through New York’s financial system, and depositors demanded cash while institutions struggled to obtain liquidity.

J. P. Morgan, then one of the country’s most powerful financiers, brought bankers and trust executives together, examined institutions’ assets, and committed funds to prevent additional failures. His intervention helped stabilize the system, although the government and other financiers also played important roles.

The panic exposed the weakness of relying on a private individual as a lender of last resort. Its aftermath contributed to the Aldrich–Vreeland Act of 1908 and ultimately to the creation of the Federal Reserve System in 1913. Morgan did not single-handedly end every part of the crisis, but he was the central private figure in the rescue effort.