Which financier coordinated the private rescue effort during the Panic of 1907?

J. P. Morgan coordinated the private rescue effort during the Panic of 1907. He used his financial influence to organise emergency lending and persuade banks and trust companies to support institutions under pressure.

The panic began after a failed attempt to corner the stock of United Copper Company. Runs then spread to other financial institutions, especially trust companies, which held fewer cash reserves than commercial banks. The crisis intensified when the Knickerbocker Trust Company suspended operations in October 1907.

Morgan gathered bankers in his New York library and helped arrange funds, collateral, and mergers to prevent a wider collapse. His intervention highlighted how dependent the United States was on private financiers during severe financial emergencies. The episode helped build support for a central banking system, leading to the creation of the Federal Reserve in 1913.