Which banker helped stabilize Wall Street during the panic of October 1907?

J. P. Morgan helped stabilize Wall Street during the panic of October 1907.

The panic began after a failed attempt to corner the stock of the United Copper Company. The collapse spread through trust companies and banks, threatening withdrawals and causing serious disruption in New York’s financial system.

J. P. Morgan organized emergency meetings, examined the finances of troubled institutions, and persuaded banks to provide funds where possible. He also helped coordinate the rescue of the Knickerbocker Trust Company’s wider banking network, although the original company itself failed.

The crisis revealed how little formal central-bank support the United States had. The Federal Reserve did not yet exist; it was created in 1913. The 1907 panic therefore strengthened arguments for a permanent lender of last resort and helped lead to the Federal Reserve Act.