The 1907 US financial panic was called the Panic of 1907.
The crisis began after a failed attempt to corner the stock of United Copper Company. The failure damaged confidence in several trust companies, especially those connected to speculator F. Augustus Heinze. Depositors then rushed to withdraw funds, creating a wider banking panic in October 1907.
The New York Stock Exchange fell sharply, while banks and trust companies struggled to obtain cash. J. P. Morgan organized private support from bankers and persuaded institutions to provide emergency financing. The episode demonstrated that the United States lacked a permanent central bank capable of acting as a lender of last resort.
The Federal Reserve System was established in 1913, although the Federal Reserve Act was influenced by several financial weaknesses rather than by this panic alone. The Panic of 1907 is sometimes confused with the earlier Panic of 1893, another major US banking crisis.