The U.S. financial panic in 1907 was the Panic of 1907.
The crisis began after a failed effort by speculators, including F. Augustus Heinze and Charles W. Morse, to corner the stock of United Copper Company. When the plan collapsed, depositors withdrew money from banks connected to the speculators. The panic spread through trust companies and stock-market institutions in New York.
J. Pierpont Morgan organized emergency support and persuaded bankers to provide liquidity. The episode exposed how dependent the United States was on private financiers because it had no modern central bank. The Federal Reserve System was created in 1913, several years after the panic.
The Panic of 1907 is sometimes confused with the later Panic of 1910–1911, but the 1907 crisis was the major event that directly helped build support for central-bank reform.