The United States experienced the Panic of 1907, a crash that helped inspire creation of the Federal Reserve.
The panic began after a failed attempt to corner the stock of United Copper Company in October 1907. The failure undermined trust in associated banks and led to withdrawals, a run on the Knickerbocker Trust Company, and severe stress across U.S. financial markets. The New York Stock Exchange fell sharply, and credit became difficult to obtain.
Financier J. P. Morgan organized private support for threatened institutions and helped coordinate emergency lending. The episode exposed how heavily the United States depended on private financiers because it lacked a central bank capable of acting as a lender of last resort. The Federal Reserve System was created in 1913. The panic is therefore a U.S. financial crisis, not a worldwide stock-market crash in the same sense as 1929.