The U.S. financial crisis triggered by the failed United Copper corner in October 1907 was the Panic of 1907.
The scheme was organized by F. Augustus Heinze and his associates, who tried to profit by controlling United Copper shares. When the plan failed, depositors rushed to withdraw money from banks connected with Heinze and financier Charles W. Morse. The withdrawals spread to trust companies in New York, especially the Knickerbocker Trust Company.
J. Pierpont Morgan helped organize emergency lending and encouraged banks to support solvent institutions. The panic exposed weaknesses in the U.S. banking system, which lacked a central bank capable of acting as a lender of last resort. The Federal Reserve System was created in 1913, partly in response to lessons from the crisis.