The 1907 U.S. financial panic that followed a failed attempt to corner United Copper was the Panic of 1907.
The speculation involved F. Augustus Heinze and associates, who tried to manipulate United Copper shares. When the scheme failed, depositors and investors lost confidence in institutions connected with the speculators. Runs spread to banks and trust companies, especially in New York.
J. P. Morgan helped organize private support to stabilize the banking system. The episode exposed how heavily the United States depended on private financiers because it lacked a modern central bank. The panic helped build political support for the Federal Reserve System, which Congress created in 1913. It is distinct from the later 1929 stock-market crash.