Which banker's intervention helped calm the Panic of 1907?

J. P. Morgan’s intervention helped calm the Panic of 1907.

During the panic, a failed attempt to corner shares of United Copper triggered runs on trust companies and banks in New York. The crisis spread as depositors sought cash and financial institutions became reluctant to lend. The United States had no central bank at the time, so there was no Federal Reserve to provide emergency liquidity.

J. P. Morgan gathered bankers, examined institutions, and used his own authority and funds to organize loans and support for solvent companies. A famous episode involved the Trust Company of America, whose deposits Morgan and other bankers helped protect. He also helped resolve a crisis involving the New York City treasury.

Morgan did not single-handedly end every aspect of the panic, but his coordination was crucial. The episode strengthened arguments for a central bank, and Congress later created the Federal Reserve System in 1913.