The U.S. financial panic in 1907 that was helped by J. P. Morgan’s emergency rescue was the Panic of 1907.
The crisis began after an attempt to corner the stock of United Copper Company failed in October 1907. The failed speculation triggered runs on banks and trust companies, particularly institutions connected to the speculators. The Knickerbocker Trust Company’s collapse intensified the panic.
J. P. Morgan organized private-sector support, persuaded banks to provide funds, and helped stabilize the financial system. The episode exposed the absence of a U.S. central bank able to act as lender of last resort.
The panic contributed to the creation of the Federal Reserve System in 1913. It is sometimes confused with the Panic of 1893, another severe U.S. banking and railroad crisis, but the Morgan rescue belongs specifically to 1907.