J. P. Morgan helped stop the Panic of 1907 by organizing emergency bank support.
During the Panic of 1907, J. Pierpont Morgan brought bankers together in New York and used his influence and funds to stabilize institutions threatened by runs. The crisis intensified after a failed attempt to corner the stock of United Copper Company triggered withdrawals from connected banks and trust companies.
Morgan and other financiers examined bank assets, arranged financing, and helped decide which institutions could be supported. His intervention was especially important because the United States had no modern central bank at the time. The panic exposed the weakness of relying on private coordination during a national financial emergency.
The episode helped build support for the Federal Reserve System, which Congress created in 1913. Morgan did not single-handedly solve every problem, and government officials, banks, and clearinghouse organizations also played important roles. The Panic of 1907 therefore belongs to both financial history and the history of United States monetary reform.