Which New York trust company helped trigger the Panic of 1907 after a failed attempt to corner United Copper?

The Knickerbocker Trust Company helped trigger the Panic of 1907 after a failed attempt to corner United Copper.

In October 1907, speculators connected with the Heinze brothers tried to control United Copper shares. The scheme failed, exposing financial connections and prompting depositors to withdraw money from institutions associated with the participants. The Knickerbocker Trust, one of New York's largest trust companies, became the most prominent casualty.

A run on Knickerbocker began on October 22, 1907. When J. P. Morgan and other financiers declined to provide immediate support, the trust suspended operations. Fear then spread through banks and markets across the United States.

The panic ultimately encouraged reforms. The Federal Reserve System was created in 1913, partly because the crisis showed that the country lacked a central institution able to supply emergency liquidity.